Money Laundering Country Risk Rating Definition and Processes
In addition to assessing a customer’s name and address (country) against the OFAC and other sanctioned lists, the customer’s domicile needs to be assessed against country-specific money laundering risk ratings.
Money Laundering
Domicile – Entities:
- Domicile of registration, and
- Domicile of operations (if different from domicile of registration)
Domicile – Individuals:
- Jurisdiction of residence
- Jurisdiction of citizenship
The money laundering risk rating of every country needs to be included in the risk rating methodology used to assess the customer’s overall risk rating.
A domicile may have one of three country money laundering risks:
- Normal country money laundering risk rating: the domicile has strong anti-money laundering regulations
- Medium country money laundering risk rating: the domicile has some weaknesses in its anti-money laundering laws
- High country money laundering risk rating: the domicile has low or non-existent anti-money laundering laws
See Also:
List of the Best Investment Portfolio Management Software Apps
Top Personal Finance Apps (Reviews)
Ranking of the Best Banks in the UK and the Biggest British Banks
Best Bank for Small Business Banking (Best Business Bank Accounts)
Top Banks in Canada – Ranking | Best High Interest Savings Accounts – Canada
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