AML/CFT/CPF Handbook - Appendix I Update

The Commission has today updated the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) to remove South Africa from the Appendix I list of higher risk jurisdictions. This is following the Financial Action Task Force’s (“FATF”) decision to remove it from its list of jurisdictions under increased monitoring. FATF has also removed Burkina Faso, Mozambique, and Nigeria from its list of jurisdictions under increased monitoring, however these remain on Appendix I due to being listed by other relevant external sources.

The Commission wishes to remind all licensees that a jurisdiction’s removal from Appendix I does not mean all business relationships connected to that jurisdiction should be assessed as having decreased in risk. Licensees should consider the nature and materiality of a jurisdictional link in their risk assessment, particularly where the change in the jurisdictional risk has little or no impact on other relevant risk factors within the business relationship, such as the type of customer, the customer or beneficial owner’s risk profile, activities, source of wealth and funds, or to the product or service offered by the licensee.

The clean and tracked version of the Handbook (including Appendix I) can be accessed via the Handbook page, with Appendix I available on the Notices, Instructions & Warnings page.

The FATF page on High-Risk and Other Monitored Jurisdictions can be found here.