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List of factors which suggest potentially lower risk
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38. The Act of 2010 is amended by the insertion of the following Schedule after Schedule 2:
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“SCHEDULE 3
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Section 34A
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Non-exhaustive list of factors suggesting potentially lower risk
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(1) Customer risk factors:
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(a) public companies listed on a stock exchange and subject to disclosure requirements (either by stock exchange rules or through law or enforceable means), which impose requirements to ensure adequate transparency of beneficial ownership;
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(b) public administrations or enterprises;
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(c) customers that are resident in geographical areas of lower risk as set out in subparagraph (3).
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(2) Product, service, transaction or delivery channel risk factors:
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(a) life assurance policies for which the premium is low;
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(b) insurance policies for pension schemes if there is no early surrender option and the policy cannot be used as collateral;
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(c) a pension, superannuation or similar scheme that provides retirement benefits to employees, where contributions are made by way of deduction from wages, and the scheme rules do not permit the assignment of a member’s interest under the scheme;
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(d) financial products or services that provide appropriately defined and limited services to certain types of customers, so as to increase access for financial inclusion purposes;
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(e) products where the risks of money laundering and terrorist financing are managed by other factors such as purse limits or transparency of ownership (e.g. certain types of electronic money).
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(3) Geographical risk factors:
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(a) Member States;
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(b) third countries having effective anti-money laundering (AML) or combating financing of terrorism (CFT) systems;
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(c) third countries identified by credible sources as having a low level of corruption or other criminal activity;
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(d) third countries which, on the basis of credible sources such as mutual evaluations, detailed assessment reports or published follow-up reports, have requirements to combat money laundering and terrorist financing consistent with the revised Financial Action Task Force (FATF) recommendations and effectively implement these requirements.”.
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