Regulatory Alerts2018-03-09
Added · Updated
Statements Issued by the Financial Action Task Force
The Hong Kong Monetary Authority informed authorized institutions of the Financial Action Task Force's February 2018 statements identifying high-risk jurisdictions and plenary outcomes. The document mandates enhanced due diligence for transactions involving Iran and requires the termination of correspondent relationships with DPRK banks in compliance with UN Security Council resolutions. Additionally, it highlights a joint industry initiative to facilitate correspondent banking due diligence through revised Wolfsberg Group questionnaires and Basel Committee guidelines.