Regulatory Alerts2019-03-08
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Statements issued by the Financial Action Task Force
The Hong Kong Monetary Authority informed authorized institutions of the Financial Action Task Force's February 2019 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 resolutions. Additionally, the letter highlights ongoing FATF efforts to improve global AML/CFT compliance and references other outcomes from the recent Plenary meeting.
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