Regulatory Alerts2024-11-12
Added · Updated
Statements issued by the Financial Action Task Force
The Hong Kong Monetary Authority updates authorized institutions and stored value facility licensees on FATF statements identifying high-risk jurisdictions and outcomes from the October 2024 Plenary meeting. Regulated entities must continue applying enhanced due diligence and countermeasures to Iran, the Democratic People’s Republic of Korea, and Myanmar due to their strategic deficiencies in anti-money laundering and counter-financing of terrorism regimes. Additionally, the Authority notes the FATF's public consultation on revising Recommendation 1 regarding risk-based approaches and financial inclusion, while announcing that future FATF updates will be communicated via email for greater timeliness.
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