BSP Circular CL-2025-___: FATF Publications – 24 October 2025

Page

OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2025-___ To : All BSP-Supervised Financial Institutions (BSFIs) Subject : Financial Action Task Force (FATF) Publications – 24 October 2025 This is to inform all BSFIs of the Financial Action Task Force (FATF) publications issued last 24 October 2025 on: (i) high-risk jurisdictions subject to a call for action1 ; (ii) jurisdictions under increased monitoring2; and (iii) statement on the Russian Federation3 .

1. High Risk Jurisdictions subject to a Call for Action
   For all countries identified as high risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence (EDD), and in the most serious cases, apply countermeasures to protect the international financial system from the money laundering (ML), terrorist financing (TF), and proliferation financing (PF) risks emanating from the country.

• Jurisdictions subject to a FATF call on its members and other jurisdictions to apply
  countermeasures a. Democratic People’s Republic of Korea (DPRK) – The FATF has continually reiterated since 2011 the need for all countries to robustly implement the targeted financial sanctions in accordance with United Nations Security Council Resolutions (UNSCR) and apply the following countermeasures to protect their financial systems from the ML/TF/PF threat emanating from DPRK: (i) terminate correspondent relationships with DPRK banks; (ii) close any subsidiaries or branches of DPRK banks in their countries; and (iii) limit business relationships & financial transactions with DPRK persons. The FATF encourages countries to apply EDD to the DPRK and its ability to facilitate transactions on its behalf. Further, FATF also urges countries to adequately assess and account for the increased PF risk with the greater financial connectivity reported. b. Iran – Considering the UNSCR related to Iran’s lack of compliance with its nuclear non￾proliferation obligations, the FATF reminds all jurisdictions of their obligations under the FATF standards to address PF risks emanating from Iran. As Iran’s action plan remains incomplete, the FATF reiterates its call on its members and urges all jurisdictions to apply effective countermeasures on Iran.
• Jurisdiction subject to a FATF call on its members and other jurisdictions to apply EDD
  measures proportionate to the risks arising from the jurisdiction Myanmar The FATF calls on its members and other jurisdictions to apply EDD measures proportionate to the risk arising from Myanmar. The FATF requires that as part of EDD, financial institutions should increase the degree and nature of monitoring of the business relationship, in order to determine whether those transactions or activities appear 1 Previously called “Public Statement”; often externally referred to as the “blacklist”; FATF Statement remains unchanged since June 2024 (DPRK and Iran) and February 2025 (Myanmar); https://www.fatf-gafi.org/content/fatf￾gafi/en/publications/High-risk-and-other-monitored-jurisdictions/Call-for-action-october-2025.html 2 Previously called “Improving Global AML/CFT Compliance: On-going process”; often externally referred as the “grey list”: https://www.fatf-gafi.org/content/fatf-gafi/en/publications/High-risk-and-other-monitored￾jurisdictions/increased-monitoring-october-2025.html 3 Outcomes Joint FATF-MONEYVAL Plenary, 20-24 October 2025:
  https://www.fatf-gafi.org/content/fatf-gafi/en/publications/Fatfgeneral/outcomes-FATF-plenary-october￾2025.html; The suspension of the Russian Federation continues to stand (see February 2024 statement:
  https://www.fatf-gafi.org/en/publications/Fatfgeneral/fatf-statement-russian-federation-feb-2024.html

Classification: GENERAL Page 2 of 2 unusual or suspicious. When applying EDD measures, countries should ensure that flows of funds for humanitarian assistance, legitimate Non-Profit Organization activity and remittances are neither disrupted nor discouraged.
2. Jurisdictions under Increased Monitoring
These countries are actively working with the FATF and have committed to resolve swiftly the identified strategic deficiencies in their regimes to counter ML/TF/PF within agreed timeframes. The FATF has removed Burkina Faso, Mozambique, Nigeria and South Africa from the list of jurisdictions under increased monitoring after completing their Action Plans. The FATF does not call for the application of EDD measures to these jurisdictions but encourages its members and all jurisdictions to take into account the information presented in their risk analysis.

3. Statement on Russian Federation
   The suspension of the membership of the Russian Federation continues to stand. Following the statements issued since March 2022, the FATF reiterates that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system. Copies of the aforementioned FATF publications may be viewed and downloaded from the FATF website (www.fatf-gafi.org). BSFIs are likewise directed to regularly refer to the FATF’s website for the latest statements on high risk and other monitored jurisdictions and consider the same in their risk analysis and mitigation strategies. For guidance and strict compliance. ARIFA A. ALA Sector-in-Charge

__ 07 November 2025