10.4.1. Pay Through Accounts

1. (a) a Bank (the correspondent) has a correspondent banking relationship with a financial institution (the respondent) in a foreign jurisdiction; and
2. (b) under the relationship, a customer of the respondent who is not a customer of the correspondent may have direct access to an account of the correspondent.

(1) The Bank (correspondent) must not allow any of the customers of the respondent to have access to the account of any of its own customers, unless the correspondent is satisfied that the respondent:

1. (a) has conducted CDD measures for all of its customers and verified their identity;
2. (b) conducts ongoing monitoring for its customers; and
3. (c) can provide to the correspondent, on request, the documents, data and information obtained in conducting CDD and ongoing monitoring for any of its customers.

(2) In the event of the correspondent asking the respondent for documents, data or information mentioned in (c) above and the respondent fails to satisfactorily comply with the request, the correspondent must immediately terminate the customer’s access to accounts of the correspondent and consider making a STR to the FIU.