Country And Jurisdiction Risk
Intent
The purpose of this policy is to outline our risk management of onboarding customers from countries other than Australia and to satisfy the ongoing AML/CTF risk management process for compliance with AUSTRAC registration requirements. This policy, in part, references our AML/CTF program risk management and treatment process.
Scope
This policy applies to all designated service customers of Piptle Wealth Management Pty Ltd
including all members of the Designated Business Group (Piptle).
Scope
Piptle’s designated services are offered globally except where financial sanctions are in effect for a
regime, Country, Region or Person or a country is deemed extreme risk, or the country risk is unable
to be determined.
The Anti Money Laundering and Counter Terrorism Financing Act 2006, lists each of the following
countries as declared to be a prescribed foreign country for the purposes of that Act:
- Democratic People’s Republic of Korea;
- Islamic Republic of Iran
Sanctioned regimes and other Countries unable to access our designated services also include:
- Central African Republic
- Democratic Republic of the Congo
- Islamic State in Iraq and the Levant (Da’esh), Al-Qaida
- Iraq
- Libyan Arab Jamahiriya
- Mali
- Myanmar
- Russia
- Sudan
- South Sudan
- Somalia
- Syria
- Ukraine
- Yemen
Other Countries, Regimes, Regions and Persons may be added from time to time as determined by
prevailing risk factors, or for other reasons as determined by Piptle Wealth Management Pty Ltd’s legal and compliance team.
Only customers who are residents of countries listed in PWM Countries Procedure List are permitted
to be offered designated services.
