Banking: Swiss watchdog urges risk reviews following FATF updates on Iran, DPRK
07 Nov 2018

The Financial Markets Supervisory Authority (Finma) has urged firms to update their policies in line with new information issued by global anti-money laundering body the Financial Action Task Force (FATF).

New documents published include FATF’s Public Statement urging members to apply a number of counter measures to countries with ‘serious strategic deficiencies,’ specifically the Democratic People’s Republic of Korea (DPRK) – North Korea – and Iran.

It recommends the termination of correspondent relationships with North Korean banks and also urges firms to apply enhanced due diligence when handling transactions from Iran.

“FINMA calls on all financial intermediaries to take the FATF information into account in their risk management strategies. It also requests recognised self-regulatory organisations to inform their members,” the watchdog said in a statement published in October.

It also highlighted the FATF statement on “Improving global AML/CFT compliance: on-going process,” which identifies countries’ strategic weaknesses in their AML measures which nonetheless have provided a high-level commitment to an action plan developed with FATF.

Read more:

UK expects to get ‘favourable’ FATF review of anti-money laundering systems

Ex-Swiss banker jailed over billion-dollar global money laundering scheme

US fully reimposes sanctions on Iran, snapback takes effect

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