AMLG11640 | Guidance for all sectors: FATF Call for Action Countries
From HM Revenue & Customs · Anti-money laundering guidance for supervised businesses
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.