New EU high-risk countries list now in effect!

What is new on the list?

The list of countries with which you must exercise enhanced due diligence in business relationships has changed.

Newly added:

• Algeria

• Angola

• Côte d’Ivoire (Ivory Coast)

• Kenya

• Laos

• Lebanon

• Monaco

• Namibia

• Nepal

• Venezuela

Removed:

• Barbados

• Gibraltar

• Jamaica

• Panama

• the Philippines

• Senegal

• Uganda

• the United Arab Emirates

What does this mean for you?

In business relations with individuals or companies from the newly listed countries, you must apply enhanced due diligence according to § 15 Abs. 5 GwG. This means that a particularly thorough examination is essential. You must carefully verify, among other things, the identity of contracting partners, beneficial owners, the purpose of the transaction, and the origin of the funds used.

Our Tip: Staying Informed

Manually keeping track of changes in high-risk countries is time-consuming and carries a high risk of errors. With a digital solution such as Legalian, you can automate this process. Our platform automatically checks your business relationships and company linkages for various risks, including associations with high-risk countries, and directly informs you of relevant adjustments. This way, you ensure that your compliance processes are always current and legally compliant without unnecessary additional effort.