Regulatory Alerts2024-02-29
BSP Circular CL-2024-___: FATF Publications – 23 February 2024
The Bangko Sentral ng Pilipinas issued a circular directing all supervised financial institutions to adhere to the Financial Action Task Force's February 2024 updates on high-risk jurisdictions and increased monitoring. The document mandates enhanced due diligence and countermeasures for the Democratic People’s Republic of Korea and Iran, while adding Kenya and Namibia to the list of jurisdictions under increased monitoring. Institutions are further instructed to remain vigilant regarding risks associated with the Russian Federation and to integrate these FATF findings into their ongoing risk analysis and mitigation strategies.
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