Regulatory Alerts2018-11-09
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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 October 2018 statements identifying high-risk jurisdictions. The directive mandates enhanced due diligence and increased scrutiny for transactions involving Iran, while requiring the termination of correspondent relationships with North Korean banks in compliance with UN Security Council Resolutions. Additionally, the document highlights ongoing FATF efforts to improve global AML/CFT compliance and references other outcomes from the recent Plenary meeting.
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