With reference to the National Committee Decision No. 1/9 of 2021 regarding Anti-money Laundering, Combating the Financing of Terrorism and the Financing of Illegal Organizations on updating the list of high-risk states and tightly monitored states and determining the countermeasures to be applied by financial institutions and designated non-financial businesses and professions, and with reference to Article 22 of the Cabinet Decision No. 10 of 2019 regarding the Executive Regulations of Federal Decree-Law No. 20 of 2018 on Combating Money Laundering Crimes, Financing of Terrorism and Financing of Illegal Organizations, which states that:
1. Financial institutions and non-financial businesses and professions specified in the Regulations shall adopt enhanced due diligence measures in proportion with the degree of risk that may arise from business relationships or operations with a natural or legal person from a high-risk state.
2. Financial organizations and specified non-financial businesses and professions shall apply the measures p...