Regulatory Alerts2023-03-09
Added · Updated
Statements issued by the Financial Action Task Force
The Hong Kong Monetary Authority updates authorized institutions on FATF statements identifying high-risk jurisdictions and outcomes from the February 2023 Plenary meeting. Institutions must continue applying enhanced due diligence and countermeasures to Iran, the Democratic People’s Republic of Korea, and Myanmar due to their strategic AML/CFT deficiencies. Additionally, the circular highlights FATF amendments to beneficial ownership recommendations and guidance on disrupting ransomware financial flows.