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26 June | 1.30 p.m. BST
Entering into a business relationship with another bank carries inherent risks from an AML perspective, because a respondent bank will be acting on behalf of its own customers who are not known to the correspondent bank that is providing services to the respondent. The FATF’s Recommendation 13 specifies that correspondent banks must “gather sufficient information about a respondent institution to fully understand the nature of the respondent’s business.”
This requirement highlights the need for the correspondent conducting due diligence to have a thorough understanding of the scope of the relevant bank's business, including its global presence.
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