FC-C.2.8
Determining the risks of product, service, transaction or the delivery channel offered to customers may include a consideration of their attributes, as well as any associated risk mitigation measures. Products and services that may indicate a higher risk include:
(a) Anonymous transactions (which may include cash);
(b) Non-face-to-face business relationships or transactions;
(c) Payment received from unknown or un-associated third parties;
(d) Products or services that may inherently favour anonymity or obscure information about underlying customer transactions;
(e) The geographical reach of the product or service offered, such as those emanating from higher risk jurisdictions;
(f) Products with unusual complexity or structure and with no obvious economic purpose;
(g) Products or services that permit the unrestricted or anonymous transfer of value (by payment or change of asset ownership) to an unrelated third party, particularly those residing in a higher risk jurisdiction; and
(h) Use of new technologies or payment methods not used in the normal course of business by the licensee .
Added: January 2022