Regulatory Alerts2025-07-02
Added · Updated
BSP Circular CL-2025-___: FATF Publications on High-Risk Jurisdictions and Increased Monitoring
The Bangko Sentral ng Pilipinas issued a circular directing all supervised financial institutions to align with the Financial Action Task Force's June 13, 2025 publications regarding high-risk jurisdictions and monitoring status. The document mandates enhanced due diligence and countermeasures for the Democratic People’s Republic of Korea and Iran, while requiring increased monitoring for Myanmar and noting the removal of Croatia, Mali, and Tanzania from the increased monitoring list. Additionally, the circular reiterates the suspension of the Russian Federation's membership and urges vigilance against circumvention risks to protect the international financial system.