Insurance licensees must take adequate precautions and risk mitigation measures before onboarding non-resident customers from high risk jurisdictions. The licensees must establish detailed assessments and criteria that take into consideration FATF mutual evaluations, FATF guidance, the country national risk assessments (NRAs) and other available guidance on onboarding and retaining non-resident customers from the following high risk jurisdictions:
(a) Jurisdictions under increased monitoring by FATF;
(b) Countries upon which United Nations sanctions have been imposed except those referred to in Paragraph FC-1.1.12B; and
(c) Countries that are the subject of any other sanctions.
Added: January 2022
