RegAlert2025-04-10
Added · Updated
Circular Letter No. CC/2025/00000008: Disclosure of FATF Communications (February 2025 Plenary Meeting)
The document mandates credit institutions, financial companies, payment institutions, electronic money institutions, and virtual asset entities to maintain countermeasures against North Korea and Iran due to high risks of money laundering, terrorist financing, and proliferation financing. It requires enhanced identification and due diligence measures for business relationships and transactions involving North Korea, Iran, and Myanmar, with non-compliance by Myanmar potentially triggering countermeasures by June 2025. Additionally, institutions must apply risk-proportionate enhanced measures to jurisdictions under increased monitoring, noting the addition of Laos and Nepal and the removal of the Philippines from that list.
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Circular Letter No. CC/2025/00000008
Sent to:
Credit Institutions, Financial Companies, Payment Institutions, Electronic Money Institutions, and Entities carrying out activities with virtual assets.
Mod. 99999924/T – 01/14
Subject: Disclosure of FATF communications (February 2025 plenary meeting)
I. COMMUNICATIONS ISSUED BY THE FATF
With the aim of protecting the international financial system from the 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