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.