BVI FSC industry circular 26 of 2024: FATF public statements - June 2024
28 Aug 2024
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The Financial Action Task Force (FATF) released public statements highlighting jurisdictions with deficiencies in their anti-money laundering (AML) and counter-financing of terrorism (CFT) regimes. In response, the BVI Financial Services Commission (FSC) issued Industry Circular 26 of 2024, advising compliance with these updates.
Key points from the circular:
- Awareness and action: Entities must note the FATF's concerns about certain jurisdictions and assess the related risks of money laundering, terrorist financing, and proliferation financing.
- Due diligence: Enhanced due diligence should be applied when dealing with clients or transactions linked to these jurisdictions.
- Enhanced measures: In high-risk cases, entities should implement additional countermeasures to safeguard the international financial system.
- Continuous monitoring: Ongoing monitoring of transactions involving these jurisdictions is essential to adjust due diligence measures as needed.
For detailed information, press here.
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