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of <h1>Circular Warns Against AML/CFT Deficiencies in Iran and North Korea; Urges Caution with Certain Jurisdictions.</h1> The circular addresses authorized persons regarding Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) standards, particularly concerning money-changing activities. It highlights risks from deficiencies in the AML/CFT regimes of Iran and North Korea, urging counter-measures to protect the international financial system. While legitimate trade with Iran is not precluded, the circular advises caution with jurisdictions like Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria, and Turkey due to strategic deficiencies. Compliance is mandated under the Foreign Exchange Management Act and the Prevention of Money Laundering Act, with non-compliance attracting penalties.
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