AML/CFT risk advisory: enhanced due diligence urged for business with jurisdictions identified as having strategic deficiencies. Authorised Persons must account for AML/CFT risks when dealing with persons and financial institutions from jurisdictions identified by FATF-notably Iran and DPRK, and additionally Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey-and apply Enhanced Due Diligence and other risk mitigation measures while not precluding legitimate trade. The advisory highlights risks from correspondent relationships, the need for effective suspicious transaction reporting, and instructs Authorised Persons to notify constituents and have Principal Officers acknowledge receipt. Directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act and non-compliance may attract penal provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
AML/CFT risk advisory: enhanced due diligence urged for business with jurisdictions identified as having strategic deficiencies.
Authorised Persons must account for AML/CFT risks when dealing with persons and financial institutions from jurisdictions identified by FATF-notably Iran and DPRK, and additionally Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey-and apply Enhanced Due Diligence and other risk mitigation measures while not precluding legitimate trade. The advisory highlights risks from correspondent relationships, the need for effective suspicious transaction reporting, and instructs Authorised Persons to notify constituents and have Principal Officers acknowledge receipt. Directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act and non-compliance may attract penal provisions.
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