Which action should financial institutions with cross border correspondent banking activity be required to perform according to the Financial Action Task Force 40 Recommendations?

Which action should financial institutions with cross border correspondent banking activity be required to perform according to the Financial Action Task Force 40 Recommendations?
A . Gather a list of their politically exposed customers
B . Identify natural persons who own or control more than 5%
C . Obtain senior management approval before establishing the relationship
D . Obtain a third party independent review of the respondent’s anti-money laundering program

View Answer

Answer: C

Explanation:

Reference: https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF% 20Recommendations%202012.pdf (15)