With respect to cross-border correspondent relationships, including relationships established for securities transactions or fund transfers, involving the execution of payments with a third-country respondent institution, in addition to the customer due diligence measures laid down in Article 20, credit institutions and financial institutions shall, when entering into a business relationship, be required to:
(a) gather sufficient information about the respondent institution to understand fully the nature of the respondent's business and to determine from publicly available information the reputation of the institution and the quality of supervision;
(b) assess the respondent institution's AML/CFT controls;
(c) obtain approval from senior management before establishing new correspondent relationships;
(d) document the respective responsibilities of each institution;
(e) with respect to payable-through accounts, be satisfied that the respondent institution has verified the identity of,
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