Regulatory Alerts2024-10-30
BSP Circular on FATF Publications Regarding High-Risk Jurisdictions and Increased Monitoring dated 25 October 2024
The Bangko Sentral ng Pilipinas issued a circular directing all supervised financial institutions to adhere to the Financial Action Task Force's October 2024 updates on high-risk jurisdictions and increased monitoring. The document mandates enhanced due diligence or countermeasures for countries including the DPRK, Iran, and Myanmar, while noting the removal of Senegal from the monitoring list and the addition of Algeria, Angola, Cote d'Ivoire, and Lebanon. It further confirms the continued suspension of the Russian Federation's FATF membership and instructs institutions to integrate these findings into their risk analysis and mitigation strategies.
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