High Risk Countries for Cross Border Transactions
For merchants with cross border exposure, additional assessment is to be conducted regarding their target customer market and destination countries. The list is a guide to countries which are very high risk, are generally unacceptable and, in most cases, Azupay’s position will be NOT to transact with customers that engage with these countries.
Note:
- Not all countries on the list are completely prohibited but are on the DFAT & UNSC sanctions list or the FATF list for specific reasons.
- Sanctions for financing are generally targeting the enrichment of specific entities and the purpose of funds i.e., purchase of weapons hence manual assessment of the remitter is required.
- However, Azupay’s position is that it will not want to deal with the sanctioned countries from a reputation & risk to the business perspective.
- Most banks have an automated system which will flag transactions to these countries for manual review and may decline the transaction based on the purpose and full customer profile.
🌏 High Risk Countries List
DFAT – UNSC Sanctions and Australian Autonomous Sanctions | FATF - Jurisdictions with strategic deficiencies |
---|---|
Democratic People's Republic of Korea (North Korea) | Albania |
Iran | Barbados |
Libya | Burkina Faso |
Syria | Cambodia |
Former Federal Republic of Yugoslavia | Cayman Islands |
Myanmar | Democratic Republic of the Congo |
Russia | Gibraltar |
Ukraine | Haiti |
Zimbabwe | Jamaica |
Afghanistan | Jordan |
Central African Republic | Mali |
Democratic Republic of the Congo | Morocco |
Guinea-Bissau | Mozambique |
Iraq | Panama |
Lebanon | Philippines |
Mali | Senegal |
Somalia | South Sudan |
South Sudan | Syria |
Sudan | Tanzania |
Yemen | Türkiye (Turkey) |
Uganda | |
United Arab Emirates | |
Yemen |
Updated 2 months ago