Risk Assessment: High Risk FATF Countries

Background

Risk ratings are automatically assigned to entities based the High Risk FATF Country Setting, and the country completed on the entity level in Nationality Fields for FATF. The fields on the entity level which are considered in high risk FATF assessment of the entity are configurable via “Nationality Fields For High Risk Country” (system: Risk Assessment Setup).

High Risk FATF Country Setting

To view and/or change the High Risk FATF Country setting per country: System –> countries -> select country name -> High Risk FATF Country: select ‘Black listed’, ‘Grey listed’ or ‘No risk’

Nationality Fields For High Risk Country

Address, country for tax purposes and nationality fields on individual and company entities can be configured via System -> Risk Assessment Setup -> Nationality Fields for FATF. The Nationality Fields for FATF allow for the selection of fields that included be considered in the Risk Assessment of an entity where the relevant field has been completed with a High Risk FATF country.

Previously, the Registered Country and Registered Address Country were automatically considered for companies, and Nationality and Residential Address Country were considered for Individuals. The default migration for the new Nationality Fields for FATF screen is with the corresponding fields automatically selected.

Impact of High Risk FATF Country Setting on Client Risk Assessment

An individual client’s nationality or country of residential address will automatically update the risk rating on the Risk Assessment card if the country has been set to ‘black listed’, ‘grey listed’ or ‘no risk’.

A company’s country of registration, country of registered address, or country of business address will update the Risk Assessment card accordingly with the High Risk FATF setting associated with the selected country.

A client’s nationality can be edited on the personal details card (1) and residential address details via the contact details card (2).

Editing a client’s nationality:

Editing a client’s residential address:

To view the Risk Assessment card: navigate to an individual or company ? Risk Assessment card: displays risk rating ? view more details: ‘High Risk Category section’ ? Is the client resident in a high risk FATF country?’

Last Updated on 1 month ago by Hayley Jerram