Regulatory Alerts2018-07-13
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Statements issued by the Financial Action Task Force
The Hong Kong Monetary Authority informs authorized institutions of the Financial Action Task Force's June 2018 statements identifying high-risk jurisdictions. The document mandates enhanced due diligence and increased scrutiny for transactions involving Iran, while requiring the termination of correspondent relationships with Democratic People’s Republic of Korea banks where required by UN resolutions. It further directs institutions to review ongoing FATF outcomes regarding jurisdictions with strategic AML/CFT deficiencies that have committed to action plans.
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