On 1 November 2021t he Treasury passed The Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 along with an explanatory memorandum updating its list of high-risk countries for anti-money laundering (AML) purposes.
On 1 November 2021 the Treasury passed The Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 along with an explanatory memorandum updating its list of high-risk countries for anti-money laundering (AML) purposes.
The new list mirrors changes made to the Financial Action Task Force’s (FATF) list which was updated in October.
Firms will now need to conduct enhanced due diligence on customers from or transactions relating to the following countries:
Jordan, Mali and Turkey are the latest additions.
Botswana and Mauritius are no longer ‘high-risk third countries’.
Firms should update their AML risk management frameworks accordingly.
Kayne Osbourne is ComplyEasy's Founder. Kayne is a Chartered Fellow of the Chartered Institute for Securities Investments, CAMS certified and has advised dozens of fintech and traditional financial services businesses with turning compliance into an engine of growth.
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