Treasury has published an updated AML advisory notice reminding firms of their obligation to apply EDD for higher risk jurisdictions. It has produced a table of relevant jurisdictions, showing which ones it recommends firms consider as:
- high risk and apply countermeasures and EDD measures in accordance with the risks (North Korea)
- high risk and apply EDD measures in accordance with the risks (Iran) and
- those in relation to which they should take appropriate actions to minimise the associated risks, which may include EDD measures in high risk situations (Ethiopia, Iraq, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu and Yemen)
The notice also reminds firms that sanctions regimes apply in relation to many of these jurisdictions as well.