Article 38 › 6

In relation to third-country respondent institutions referred to in paragraph 1, credit institutions and financial institutions shall: (a) abstain from entering into new business relationships with the third-country respondent institution unless they conclude, on the basis of the information collected under Article 36 or 37, that the mitigating measures applied to the business relationship with the third-country respondent institution and the measures in place in the third-country respondent institution can adequately mitigate the money laundering and terrorist financing risks associated with that business relationship; (b) for ongoing business relationships with the third-country respondent institution: (i) review and update the information on the respondent institution pursuant to Articles 36 or 37; (ii) terminate the business relationship unless they conclude, on the basis of the information collected under point (i), that the mitigating measures applied to the business relationship with the third-country respondent institution and the measures in place in the third-country respondent institution can adequately mitigate the money laundering and terrorist financing risks associated with that business relationship; (c) inform the respondent institution of the conclusions they have drawn in relation to the risks posed by the correspondent relationship following the recommendation by AMLA and the measures taken pursuant to points (a) or (b). Where AMLA has withdrawn a recommendation pursuant to paragraph 5, credit institutions and financial institutions shall review their assessment as to whether the third-country respondent institutions fulfil any of the conditions laid down in paragraph 3.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04