RegAlert2024-04-04
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.
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Circular Letter No. CC/2024/00000010
Sent to:
Credit Institutions, Financial Companies, Payment Institutions, and Electronic Money Institutions.
Mod. 40000375/T – 01/14
Subject: Disclosure of FATF communications (February 2024 plenary meeting)
I. COMMUNICATIONS ISSUED BY THE FATF
With the aim of protecting the international financial system from risks associated with money laundering and terrorist financing, as well as fostering adequate compliance with AML/CFT standards, the FINANCIAL ACTION TASK FORCE (FATF) acts to identify jurisdictions presenting strategic deficiencies in money laundering and terrorist financing prevention and to develop coordinated and decisive responses worldwide to combat these realities.
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Lineage: In force
Source: Banco de Portugal — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works