AML/CFTR 3.3.6 Shell banks

(1) A shell bank must not be established in, or operate in or from, this jurisdiction.

Note Shell bank is defined in rule 1.3.8.
(2) A financial institution must not enter into, or continue, a correspondent banking relationship or correspondent securities relationship with a shell bank.
(3) A financial institution must not enter into, or continue:
(a) a correspondent banking relationship with a bank in any jurisdiction if the bank is known to permit its accounts to be used by a shell bank; or
(b) a correspondent securities relationship with a firm in any jurisdiction if the firm is known to permit its accounts to be used by a shell bank.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)