Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2018 - onwards
    Version 1 of 1    

38A. Enhanced customer due diligence - high-risk third countries.

(1) Subject to subsection (2), a designated person shall apply measures, including enhanced monitoring of the business relationship, to manage and mitigate the risk of money laundering and terrorist financing, additional to those specified in this Chapter, when dealing with a customer established or residing in a high-risk third country.

(2) Subsection (1) shall not apply where -

(a) the customer is a branch or majority-owned subsidiary of a designated person and is located in a high-risk third country,

(b) the designated person referred to in paragraph (a) is established in a Member State, and

(c) the branch or majority-owned subsidiary referred to in paragraph (a) is in compliance with the group-wide policies and procedures of the group of which it is a member adopted in accordance with Article 45 of the Fourth Money Laundering Directive.

(3) In the circumstances specified in subsection (2), the designated person shall -

(a) identify and assess the risk of money laundering or terrori