Regulatory Alerts2019-10-24
Added · Updated
Circular on FATF Statements Regarding High-Risk Jurisdictions and AML/CFT Compliance
The Hong Kong Monetary Authority informed authorized institutions of the Financial Action Task Force's October 2019 statements identifying high-risk jurisdictions and plenary outcomes. The circular mandates enhanced due diligence and increased scrutiny for transactions involving Iran, while requiring the termination of correspondent relationships with DPRK banks in compliance with UN Security Council Resolutions. Additionally, the regulator advised institutions to monitor FATF developments regarding digital identity guidance and to review recent business bulletins for updates on international AML/CFT standards.
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