A Guide to Anti-Money Laundering for Crypto Firms

5AMLD - 5th Anti-Money Laundering Directive: High-Risk Third Countries

AML Compliance Knowledge & Training

5AMLD – 5th Anti-Money Laundering Directive: High-Risk Third Countries

Companies dealing with customers from high-risk third countries will be required to perform enhanced due diligence measures – specifically focused on addressing the risk posed by deficiencies in those countries’ AML protections. The measures include:

  • Obtaining information on customers and UBO – including the reasons for proposed transactions, and details on the source of UBO funding and wealth.
  • Reporting transaction details to senior management – and obtaining approval for establishing or continuing the business relationship.
  • Increasing controls on business relationships, and selecting transactions which may need further scrutiny.

5AMLD High Risk Third Countries

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Originally published September 6, 2018, updated May 5, 2022

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