Regulatory Alerts2020-12-31
Added · Updated
Circular Letter No. CC/2020/00000074
The document requires credit institutions, payment institutions, electronic money institutions, and financial companies to adopt specific countermeasures and enhanced due diligence measures regarding business relationships and transactions involving North Korea and Iran, as well as jurisdictions under increased monitoring. It mandates proportional countermeasures for North Korea and Iran, including those specified in Article 99 of Law No. 83/2017, and requires enhanced identification and diligence measures for all transactions involving these two countries. For jurisdictions under increased monitoring and other high-risk third countries listed in Delegated Regulation (EU) 2016/1675, institutions must apply enhanced measures proportionate to the identified risk. The circular also notes the removal of Iceland and Mongolia from the increased monitoring list and references the October 2020 FATF plenary meeting outcomes.