AML/CFTR 3.5.7 Jurisdictions with high propensity for corruption

(1) A firm:
(a) must assess and document the jurisdictions that are more vulnerable to corruption; and
(b) must conduct enhanced CDD and enhanced ongoing monitoring for customers from high risk jurisdictions whose line of business is more vulnerable to corruption.

Example of line of business more vulnerable to corruption

arms sales
(2) If a firm's policy permits the acceptance of PEPs as customers, the firm must take additional measures to mitigate the additional risk posed by PEPs from jurisdictions with a high propensity for corruption.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)