Regulatory Alerts2024-04-04
Added · Updated
Circular Letter No. CC/2024/00000010: Disclosure of FATF Communications (February 2024 Plenary Meeting)
The document mandates the maintenance of countermeasures against North Korea and Iran, and requires enhanced due diligence for transactions involving North Korea, Iran, and Myanmar. It further instructs institutions to apply risk-proportionate enhanced measures for jurisdictions under increased monitoring, specifically noting the inclusion of Kenya and Namibia and the removal of Barbados, Gibraltar, Uganda, and the UAE from that list. These obligations apply to credit institutions, financial companies, payment institutions, and electronic money institutions regarding business relationships and transactions with entities in the identified jurisdictions.