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  • Section 9 High-Risk Countries

    • Article (22)

      1. Financial Institutions and Designated Non-Financial Businesses and Professions shall apply enhanced due diligence measures in proportion to the degree of risk that may arise from business relationships or transactions with a natural or legal person from the countries that the Committee identifies as high risk or countries that suffer from weaknesses in AML/CFT systems.
         
      2. Financial Institutions and Designated Non-Financial Businesses and Professions shall apply countermeasures and any other measures requested by the regulatory Authorities on their own or on the basis of what the Committee determines with regard to high-risk countries and countries that suffer from weaknesses in AML/CFT systems.
         
      This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 10/02/2019 to 01/04/2022)

       

      1. Financial Institutions and DNFBPs shall implement enhanced CDD measures based on the level of risk that might arise from business relationships and Transactions with natural or legal persons from high-risk countries.
         
      2. Financial Institutions and DNFBPs shall implement CDD measures as defined by the Committee regarding High Risk Countries.