Section 34(1)

A credit institution or financial institution (the “correspondent”) which has or proposes to have a correspondent relationship involving the execution of payments with another such institution (the “respondent”) from a third country must, in addition to the measures required by regulation 33— gather sufficient information about the respondent to understand fully the nature of its business; determine from publicly-available information from credible sources the reputation of the respondent and the quality of the supervision to which the respondent is subject; assess the respondent's controls to counter money laundering and terrorist financing; obtain approval from senior management before establishing a new correspondent relationship; document the responsibilities of the respondent and correspondent in the correspondent relationship; and be satisfied that, in respect of those of the respondent's customers who have direct access to accounts with the correspondent, the respondent— has verified the identity of, and conducts ongoing customer due diligence measures in relation to, such customers; and is able to provide to the correspondent, upon request, the documents or information obtained when applying such customer due diligence measures.

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Source: legislation.gov.uk · retrieved 2026-09-04