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