Regulatory Alerts2024-07-05
CL-2024-034: Financial Action Task Force (FATF) Publications – 28 June 2024
The Bangko Sentral ng Pilipinas directs all supervised financial institutions to incorporate the June 28, 2024 FATF publications into their risk analysis and mitigation strategies. The circular highlights that the Democratic People’s Republic of Korea and Iran remain high-risk jurisdictions subject to countermeasures, while Myanmar requires enhanced due diligence. Additionally, Jamaica and Turkiye were removed from the increased monitoring list, whereas Monaco and Venezuela were added, and the suspension of the Russian Federation’s membership continues.
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