Regulatory Alerts2022-11-07
Added · Updated
HKMA Circular on FATF Statements Regarding High-Risk Jurisdictions and Plenary Outcomes
The Hong Kong Monetary Authority updates Authorized Institutions on FATF designations, maintaining countermeasures for Iran and DPRK while requiring enhanced due diligence for Myanmar. Institutions must apply risk-proportionate measures to Myanmar-related transactions without disrupting humanitarian flows or adopting a one-size-fits-all approach. The circular also highlights FATF outcomes regarding public consultations on beneficial ownership transparency and the expected finalization of related guidance in February 2023.