Regulatory Alerts2024-03-05
Added · Updated
HKMA Update on FATF Statements Regarding High-Risk Jurisdictions and Plenary Outcomes
The Hong Kong Monetary Authority updates authorized institutions on the Financial Action Task Force's identification of Iran, DPRK, and Myanmar as high-risk jurisdictions requiring enhanced due diligence and countermeasures. The circular mandates continued application of these measures for Myanmar until its action plan is completed, while directing institutions to the FATF's updated list of jurisdictions under increased monitoring. Additionally, the HKMA will invite the banking sector to respond to the FATF's public consultation on Recommendation 16 regarding payment transparency to ensure technology-neutral standards.
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