OFAC's advisory named “Guidance for Foreign Financial Institutions on OFAC Sanctions Authorities Targeting Support to Russia’s Military-Industrial Base” provides essential guidance to foreign financial institutions.
#high risk
Don’t risk your business.
With the UAE possibly facing greylisting by FATF, the country's battle against its largest money-laundering issue - gold smuggling – has resurfaced.
importance of conducting risk assessment when working with PEPs, including identifying and monitoring red flags.
Continuous monitoring is to take ensure that their business relationships are consistent in order to keep their information about their customers up-to-date.
"Once a PEP, always a PEP" emphasizes the ongoing responsibility of individuals designated as politically exposed persons
continuous evaluation of clients based on their risk profile is necessary to identify potential risks and ensure compliance with regulatory requirements
Know Your Customer (KYC) a method by which a company should confirm a customer's identity in order to assess their authenticity and trustworthiness.
The EU (European Union) has played its part in new money laundering problems, and it took significant measures to defend itself against risks from outside–namely from ‘high-risk third countries’.
PEP Screening obligations that companies have to comply with as per regulations differ from country to country.