Regulatory Alerts2020-03-26
Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to inform financial institutions of updates to the Financial Action Task Force (FATF) list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism deficiencies. The document details that the Democratic People’s Republic of Korea and Iran remain high-risk jurisdictions subject to countermeasures, while Albania, Barbados, Burma, Jamaica, Mauritius, Nicaragua, and Uganda were added to the list of jurisdictions under increased monitoring. FinCEN requires financial institutions to review their risk-based policies, comply with existing sanctions and due diligence obligations, and reference this advisory in Suspicious Activity Reports using the key term "February 2020 FATF FIN-2020-A001."