Regulatory Alerts2008-06-17
FATF Call for Enhanced Scrutiny of Transactions with Certain Jurisdictions and UN Sanctions on Weapons of Mass Destruction Proliferation
The Financial Intelligence Centre of South Africa directs domestic banks to implement enhanced due diligence and risk controls for transactions involving jurisdictions flagged by the Financial Action Task Force, particularly Northern Cyprus, Uzbekistan, and Iran. This guidance operationalizes United Nations Security Council Resolutions 1737, 1747, and 1803, which mandate strict vigilance over Iranian financial institutions and prohibit dealings linked to weapons of mass destruction proliferation. Banks must establish robust screening mechanisms to identify sanctioned entities like Bank Sepah and ensure full compliance with both FATF recommendations and international counter-proliferation sanctions.
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