Regulation 33(1)(b) of the Money Laundering Regulations (MLRs) 2017 requires regulated businesses to apply enhanced customer due diligence (EDD) and enhanced ongoing monitoring in any business relationships with a client established in a high-risk third country, or in relation to any relevant transaction where either of the parties to the transaction is established in a high-risk third country.
A high-risk third country is defined for the purposes of the MLRs as a country specified in Schedule 3ZA.
HM Treasury has updated the list of high-risk third countries to include the United Arab Emirates (UAE).
This will come into force on 29 March 2022 and update the list of high-risk third countries specified in Schedule 3ZA of the MLRs 2017.
Further advice and guidance on the requirements of ACCA firms has been issued by HM Treasury.
