AMLG11640 - Guidance for all sectors: FATF Call for Action Countries
16.4 FATF Call for Action Countries
You must take all of the following measures in any business relationship with a customer or beneficial owner established in a FATF Call for Action country, or in relation to any relevant transaction where either of the parties to the transaction is established in a FATF Call for Action country:
- Obtain additional information on the customer and the customer’s beneficial owner.
- Obtain additional information on the intended nature of the business relationship.
- Obtain information on the source of funds of the customer and of the customer’s beneficial owner which HMRC expect to be supported by evidence.
- Obtain information on the reasons for the transaction.
- Obtain the approval of senior management for establishing or continuing the business relationship.
- Enhance monitoring of the business relationship by increasing the number and timing of controls applied and select patterns of transactions which require further examination.
A business is established in a country if they are incorporated there, it is their principal place of business, or they are regulated there as a financial or credit institution. An individual is established in a country if they are resident there.