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With Circular No.7 of 2023, the FSA would like to remind all reporting entities (i.e. Securities Dealers) of their obligation to apply enhanced due diligence towards jurisdictions that are often externally referred by FATF to be included in the “black list”, such as Iran and the Democratic People’s Republic of Korea (DPRK).

Particular attention is given to the Democratic People’s Republic of Korea (DPRK) which is featured in the FATF’s black list, as well as in the United Nations Security Council sanctions list.

That being said, the FSA:

  • Urges the entities about the high risks that emanate from transacting with sanctioned countries;
  • Informs the reporting entities that it has strengthened its supervisory and monitoring activities against entities that are found to be engaged or have links, directly or indirectly, with any of the sanctioned counties featured on the sanctions list, the DPRK in particular, in order to ensure that the enforcement actions are effectively carried out;
  • Brings to the attention of entities that are required to apply enhanced due diligence measures and enhanced ongoing monitoring required under section 35 of the AML/CFT Act on a risk-sensitive basis;
  • Recommends entities to regularly cross-verify their databases and records against the sanctions list that is continuously being reviewed by the United Nations Security Council and to review the United Nations Security Council’s website on a continuous basis to identify whether any changes or updates have been published.
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