Quiz
10 general financial crime questions. Select a number from the menu bar, or select a question from the headings below. No tracking or scoring is built into the quiz. If you want to keep a record of your progress please do so separately. You can return to the quiz index by clicking 'H' in the menu bar.
Regulated firms must take account of country risk in their AML risk-exposure and take steps to mitigate risk, in ‘any’ business relationship with a person 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 (i.e., they must be subject to enhanced due diligence (EDD)).
Question - Which of the following is the correct meaning for 'established in a high-risk third country'?
You selected '1 & 3'
Established in a high-risk third country also includes where a customer or counterparty is a financial or credit institution, having its principal regulatory authority in a high-risk third country. This would trigger an EDD requirement.
The high-risk countries list is in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR). To access the MLR Click here
Country list updates are available in Advisory Notices issued by HM Treasury. To access HMT Advisory Notices Click here
To reset the question - 'Click here'
You selected '1, 2 & 3'
An individual born in a high-risk country but not being resident there, in itself, would not be assessed as being a high-risk third country risk.
The high-risk countries list is in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR). To access the MLR Click here
Country list updates are available in Advisory Notices issued by HM Treasury. To access HMT Advisory Notices Click here
To reset the question - 'Click here'
You selected '1 & 4'
Where a customer or counterparty is a financial or credit institution having its principal regulatory authority in a high-risk third country, this would trigger an EDD requirement.
An individual born in a high-risk country but not being resident there, in itself, would not be assessed as being a high-risk third country risk.
The high-risk countries list is in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR). To access the MLR Click here
Country list updates are available in Advisory Notices issued by HM Treasury. To access HMT Advisory Notices Click here
To reset the question - 'Click here'
You selected '1, 2, 3 & 4'
An individual born in a high-risk country but not being resident there, in itself would not usually trigger a high-risk country EDD requirement.
The high-risk countries list is in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR). To access the MLR Click here
Country list updates are available in Advisory Notices issued by HM Treasury. To access HMT Advisory Notices Click here
To reset the question - 'Click here'
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