(1) A financial institution shall take the following measures while establishing and transacting cross-border correspondent banking relationship in accordance with prevailing laws:- (a) Identifying and confirming the respondent financial institution, (b) Obtaining sufficient information regarding the activities of the respondent financial institution, c) Knowing the nature of the business conducted by the respondent financial institution based on the information obtained in accordance with clause (b), (d) Based on the publicly available information, the reputation of the respondent financial institution, the quality of supervision over it and investigation related to financial investment in money laundering and terrorist activities. (e) Assessing the financial investment control system and its adequacy in relation to asset laundering and terrorist activities of the respondent financial institution, (f) Obtaining the approval of the higher authority who oversees its management before establishing a correspondent banking relationship. g) Know clearly their respective responsibilities regarding money laundering and prevention of financial investments in terrorist activities, (h) Respondent financial institutions shall comply with the provisions related to customer identification and confirmation in accordance with this paragraph in relation to customers using Payable Through Accounts. whether or not they have done it, whether or not they have implemented a regular monitoring system on such customers and ensure whether or not they are able to provide the necessary details when requested, (i) ensure that they do not establish business relations or do business with Shell Bank and ensure that they do not continue doing so, and (j) to ensure that the respondent financial institution does not allow any shell bank to use its account. (2) The financial institution shall comply with the provisions of sub-section (1) when conducting commercial relations or transactions related to cross-border correspondent banking by itself or on behalf of the customer.