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With regard to jurisdictions identified as NCCTs or those which in the opinion of the CBB, do not have adequate AML/CFT systems, the CBB reserves the right to:

(a) Refuse the establishment of subsidiaries or branches or representative offices of financial institutions from such jurisdictions;
(b) Limit business relationships or financial transactions with such jurisdictions or persons in those jurisdictions;
(c) Prohibit financial institutions from relying on third parties located in such jurisdictions to conduct elements of the CDD process;
(d) Require financial institutions to review and amend, or if necessary terminate, correspondent relationships with financial institutions in such jurisdictions;
(e) Require increased supervisory examination and/or external audit requirements for branches and subsidiaries of financial institutions based in such jurisdictions; or
(f) Require increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in such jurisdictions.
Amended: January 2018
Added: October 2015
(2 Versions)
Oct 1 2015 - Dec 31 2017Jan 1 2018 onwards
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