Jurisdiction(s):
United Kingdom

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Key definition

risk definition

What does risk mean? In legal practice, risk describes the possibility that a reasonably foreseeable circumstance or event could adversely affect legal rights, regulatory compliance, business operations, or the security of systems and data. The term is widely used across legal contexts, with certain regimes articulating it expressly. Cybersecurity: In the EU NIS2 framework (as transposed in Ireland), risk means any reasonably identifiable circumstance or event having a potentially adverse effect on the security of network and information systems. In the UK, the Network and Information Systems Regulations 2018 adopt a comparable risk‑based approach to security and incident handling; while “risk” is not defined as...

UK AML: high-risk third countries—FATF-aligned definitions, sanctions context, and current/historic lists for enhanced due diligence under the MLR 2017

Published by a LexisNexis Practice Compliance expert

Practice notes

Organisations caught by the money laundering, Terrorist Financing and Transfer of funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 must:

apply enhanced customer due diligence (CDD) measures and strengthened ongoing monitoring for any transaction or business relationship with a person established in a high-risk third country
not place reliance on a third party established in a high-risk third country

The obligation to undertake enhanced due diligence in relation to high-risk third countries applies where there is a relevant transaction and an establishment in a high-risk third country. A relevant transaction is one for which you are required to apply CDD under MLR 2017, reg 27, and being established in a country means:

for a legal person, being incorporated in, or having its principal place of business in, that country, or—where a financial institution or a credit institution is concerned—having its principal regulatory authority in that country; and
for an individual, being resident in that country, but not merely having been born there

This Practice Note lists high-risk third countries identified by the Financial Action Task Force (FATF) and the UK government as...

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Web page updated on 22/05/2026

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