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Anti-Money Laundering and Counter-Terrorism Financing Act 2006
94Simplified outline of this Part
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#### 94 Simplified outline of this Part
• A financial institution must not enter into a correspondent banking relationship with:
(a) a shell bank; or
(b) another financial institution that has a correspondent banking relationship with a shell bank; or
(c) another financial institution that permits its accounts to be used by a shell bank.
• A financial institution must carry out due diligence assessments before it enters into, and while it is in, a correspondent banking relationship with another financial institution involving a vostro account.