23. In Guideline 8.17, point a) and point c) are replaced by the following: ‘a) Gather sufficient …

In Guideline 8.17, point a) and point c) are replaced by the following:

‘a) Gather sufficient information about a respondent institution to understand fully the na-ture of the respondent ’ s business, to determine the extent to which the respondent’s busi-ness exposes the correspondent to higher money-laundering risk. This should include taking steps to understand and risk assess the nature of the respondent’s customer base, if neces-sary, by asking the respondent about its customers and the type of activities that the re-spondent will transact through the correspondent account or, if relevant, the type of crypto-assets the respondent CASP will transact through the correspondent account. ’

‘ c) Assess the respondent institution ’ s AML/CFT controls. This implies that the correspond-ent should carry out a qualitative assessment of the respondent’s AML/CFT control frame-work, not just obtain a copy of the respondent’s AML policies and procedures. This assess-ment should include the transaction monitoring tools in place to ensure that they are ade-quate for the type of business carried out by the respondent. This assessment should be documented appropriately. In line with the risk-based approach, where the risk is especially high and in particular where the volume of correspondent banking transactions is substan-tive, the correspondent should consider on-site visits and/or sample testing to be satisfied that the respondent’s AML policies and procedures a re implemented effectively. ’

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA -

  EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

  DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.