EU regulatory register · AMLR
Article 39Prohibition of correspondent relationships with shell institutions
CELEX 32024R1624 · Read on 2026-08-22
Short answer
1. Credit institutions and financial institutions shall not enter into, or continue, a correspondent relationship with a shell institution.
Verbatim from the article. Source: NovaCopilot · https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-39 · Short answer as data · Official text
Anti-money laundering (AMLR) in short
Obliged entities must know their customers, identify beneficial owners and report suspicious transactions. Cash over EUR 10,000 is banned.
- Who is a beneficial owner?
- When must a suspicious transaction be reported?
- Does the EUR 10,000 cash limit apply to everyone?
Source: NovaCopilot
Official text
Read from the EU Publications Office for this CELEX number. The wording stands as published; nothing here is rewritten or summarised.
1. Credit institutions and financial institutions shall not enter into, or continue, a correspondent relationship with a shell institution. Credit institutions and financial institutions shall take appropriate measures to ensure that they do not engage in or continue correspondent relationships with a credit institution or financial institution that is known to allow its accounts to be used by a shell institution.
2. In addition to the requirement laid down in paragraph 1, crypto-asset service providers shall ensure that their accounts are not used by shell institutions to provide crypto-asset services. To that end, crypto-asset service providers shall have in place internal policies, procedures and controls to detect any attempt to use their accounts for the provision of unregulated crypto-asset services.
Follow-up questions
The text is quoted from the official source and is not legal advice. A national court reads the language version that binds in its jurisdiction.
Verifiable trust signals
- Source-linked answers and explicit evidence gaps
- Obligations, controls, risks and consequences
- Stable objects and verifiable checksums
- Rule-based objects, optional source-linked reasoning
- Model card, source status and audit