Last Revised Date: 31 August 2023

Circular on ensuring effective detection of sanctions-related risks

This circular sets out additional guidance that financial institutions (FIs) should consider in order to ensure that they have robust processes in place to effectively detect and manage sanctions-related risks. Specifically, FIs need to maintain strong Board and Senior Management oversight over sanctions-related risks, and continue to strengthen its sanctions-related detection capabilities. FIs should review their AML/CFT frameworks and controls against the additional guidance set out in this circular, and take steps to enhance its controls as appropriate if any gaps are noted.