In practice, the prohibition on credit institutions entering into or continuing a correspondent banking relationship with a respondent bank which permits its accounts to be used by shell banks (i.e. indirect relationships with shell banks) cannot be applicable, as banks would have no means of verifying whether their respondents have relations with shell banks.
In practice, the prohibition on credit institutions entering into or continuing a correspondent banking relationship with a respondent bank which permits its accounts to be used by shell banks (i.e. indirect relationships with shell banks) cannot be applicable, as banks would have no means of verifying whether their respondents have relations with shell banks.