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

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