Treasury updates AML advisory

Treasury has updated its AML advisory notice on high risk jurisdictions. The advisory meets the requirements of the 2017 MLRs to ensure the regulated sector applies EDD to high-risk countries with reference, among other things to the Commission’s Delegated Regulation setting out the high risk jurisdictions.

Treasury has updated its guidance following the FATF June meeting, so that firms should:

  • consider North Korea as high risk and apply counter measures and EDD measures in accordance with the risks;
  • consider Iran as high risk and apply EDD measures in accordance with the risks;
  • take appropriate measures to minimise the associated risks, which may include EDD measures, in relation to Ethiopia, Pakistan, Serbia, Sri Lanka, Syria, Trinidad & Tobago, Tunisia and Yemen.