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Money Laundering Advisory Notice

Published Date:

The Money Laundering Regulations necessitate that UK-regulated businesses adhere to enhanced customer due diligence requirements when engaging with high-risk third countries. An imminent statutory instrument will update the list of such countries, aligning it with FATF’s “Jurisdictions under increased monitoring” and “High-risk jurisdictions subject to a call for action” documents. This amendment seeks to consolidate the lists into a unified compilation, as all countries featured on either FATF list exhibit significant inadequacies in their anti-money laundering, counter-terrorist financing, and counter-proliferation financing controls. Enhanced due diligence measures and ongoing monitoring must be applied to business relationships and transactions involving parties from high-risk countries listed in Schedule 3ZA.