HKMA Alerts Banks to Apply Enhanced Due Diligence on Iran, N Korea

　　The Hong Kong Monetary Authority (HKMA) issued a circular to banks and stored value facility (SVF) operators. It said that the statements published by the Financial Action Task Force (FATF) identified jurisdictions that have strategic deficiencies in their anti-money laundering and counter-financing of terrorism (AML/CFT) and counter proliferation financing regimes, and also drew their attention to a number of outcomes from the FATF Plenary meeting held between 26 and 28 June 2024.

　　The HKMA alerted banks and SVF operators that they should continue to apply the enhanced due diligence measures and other countermeasures in relation to Iran and DPRK. The FATF determined that Myanmar will remain on the list of countries subject to a call for action until its full action plan is completed.