Regulatory Alerts2020-03-11
Added · Updated
Circular on FATF High-Risk Jurisdictions and Plenary Outcomes for Authorized Institutions
The Hong Kong Monetary Authority issued this circular to inform Authorized Institutions of the Financial Action Task Force's updated statements on high-risk jurisdictions and counter-measures. It mandates enhanced due diligence and increased scrutiny for business relationships involving the Democratic People’s Republic of Korea and Iran, while requiring the termination of correspondent relationships with DPRK banks where necessary. Additionally, the document highlights FATF guidance on digital identity systems and other outcomes from the February 2020 Plenary meeting to assist institutions in aligning their anti-money laundering efforts.
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