VinciWorks guide to high risk jurisdictions for money laundering - VinciWorks

VinciWorks guide to high risk jurisdictions for money laundering

Last updated: July 2024

The FATF and European Union continually review jurisdictions and identifies those which have strategic deficiencies in their AML/CFT regimes. These are known as the FATF Grey List and high risk jurisdictions under the European Union.

Countries are added to the lists several times throughout the year. There are some jurisdictions which are on the EU list but not on the FATF list and vice versa. The UK has its own list under Section 49 of the Sanctions and Anti-Money Laundering Act, however the UK’s high risk jurisdictions point to the FATF grey list.

VinciWorks’ comprehensive guide includes jurisdictions on both the FATF Grey List, the EU’s high risk jurisdictions list, as well as countries which have since been removed from one or both lists recently. Some of these countries may still pose a lingering AML risk and should still be considered when conducting due diligence.

This guide will continually be updated and reviewed when either list changes.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

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How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.