Regulatory Alerts2025-04-10
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.