Regulatory Alerts2025-07-24
Added · Updated
Circular Letter No. CC/2025/00000016
The document requires credit institutions, financial companies, payment institutions, electronic money institutions, and virtual asset entities to maintain countermeasures against North Korea and Iran, and to apply enhanced identification and due diligence measures to transactions involving North Korea, Iran, and Myanmar. It also mandates risk-proportionate enhanced measures for jurisdictions under increased monitoring, specifically noting the inclusion of Bolivia and the British Virgin Islands and the exclusion of Croatia, Mali, and Tanzania from that list. These obligations are based on the FATF's June 12-13, 2025 plenary meeting outcomes and apply to business relationships, occasional transactions, and operations with entities resident or established in the identified jurisdictions.