Compliance Notice: Latest Updates on Blocked Countries List
By CommerceGate, Press Team
July, 25
2 minutes read
Effective July 2, 2024, CommerceGate Enhances Compliance with International AML Regulations by Modifying Transaction Restrictions.
At CommerceGate, our dedication to upholding international Anti-Money Laundering (AML) standards and complying with the Financial Action Task Force (FATF) recommendations is unwavering. As part of our relentless commitment to compliance, we are updating the list of countries from which transactions are blocked.
Newly Blocked Countries:
- MONACO (MC)
- VENEZUELA (VZ)
Countries Removed from the Block List:
- TURKEY / TÜRKIYE (TR)
Upcoming Adjustments: In February 2024, FATF removed the following countries from their Grey List. We anticipate unblocking these countries once the EU follows suit, within 1-3 months:
- BARBADOS (BB)
- GIBRALTAR (GI)
- UGANDA (UG)
- UNITED ARAB EMIRATES (AE)
While these countries remain on the FATF and EU AML blacklists, card payment transactions or merchant accounts via CommerceGate will not be available.
We remain steadfast in our commitment to support your business with the highest standards of compliance.
