The Financial Action Task Force (FATF) has revised its list of jurisdictions under increased monitoring.
Stay informed and compliant with our latest updates
Two new jurisdictions are subject to increased monitoring:
- Kenya
- Namibia
Four jurisdictions have been removed from FATF’s watchlist:
- United Arab Emirates
- Gibraltar
- Uganda
- Barbados
As of the 23rd January 2024, the UK’s list of High-risk countries, Schedule 3ZA, is superseded by the FATF list. This means that adherence to the FATF list is now a legal requirement, and compliance is mandatory for all client onboarding and business transactions.
All UK firms, regardless of their authorisation status, must actively be monitoring and aligning their internal procedures with the FATF list.
Immediate Action Required
Firms are urged to promptly revise their:
- Anti-Money Laundering (AML) risk assessments;
- Client onboarding, Customer Due Diligence (CDD), and ongoing monitoring processes; and
- Internal policies and procedures.
How Complyport Can Help
Our team of experts can assist your firm in navigating the new regulations and ensuring you comply with the FATF list. We can conduct comprehensive business and AML risk assessments, draft policies and bespoke CDD.
Get in Touch Now
Do not delay your FATF compliance, contact us today to ensure your firm remains up to date with FATF regulatory changes. Complete the form below to book a free consultation.
About Complyport
Complyport is a market-leading consulting firm supporting the UK financial services industry for over 22 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.
Complyport can assist with the preparation of a GAP analysis and impact assessment on the investment firm’s capital adequacy and risk management framework of the Company under the regulatory framework.
We specialise in supporting the UK financial services industry with compliance guidance, advice and best practice.
- Financial Crime Risk and Compliance support
- Compliance managed services and resourcing compliance personnel
- Operational resilience & Cybersecurity advice
- Skilled Person Reviews and Regulatory Investigation
- Prudential support, IFPR, ICARA and financial resilience advice
- Consumer Duty implementation advice
- Financial Promotions guidance, support, and management software solutions
- CASS advice and protections of client assets
- Comprehensive compliance work-flow management software
Complete the form below to schedule a free consultation.
