Instruction No. 01/2016 for Financial Services Businesses and Prescribed Businesses22nd March 2016
The Commission is today issuing Instruction Number 01/2016 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 04/2015 issued on 19 November 2015.
Myanmar has now been added to Part B of the Instruction which lists countries and territories with improving Global AML/CFT Compliance. This means that financial services businesses and prescribed businesses may apply a risk based approach to relationships with a connection to Myanmar rather than having to apply a mandatory high risk designation to such a relationship.
Lao PDR and Vanuatu are now also included within Part B, while Algeria, Angola and Panama have been removed from the list of countries and jurisdictions subject to the Instruction. The Commission would however encourage businesses to continue to exercise caution when considering new and existing relationships with connections to Algeria, Angola and Panama.
Details on the reasons for the removal of Algeria, Angola and Panama can be found at the end of the list.
Copies of Instruction No. 01/2016 can be accessed on the Financial Crime section of the Commission’s website and via the below links:
22 March 2016