Regulatory Alerts2018-10-31
Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies (FinCEN Advisory FIN-2018-A007)
The Financial Crimes Enforcement Network issued this advisory to inform financial institutions of updates to the Financial Action Task Force list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism deficiencies. The document highlights that the Democratic People’s Republic of Korea and Iran remain subject to countermeasures and enhanced due diligence, while Ethiopia, Pakistan, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Yemen, The Bahamas, Botswana, and Ghana are identified as having strategic deficiencies. Financial institutions are required to review their obligations and risk-based policies to ensure compliance with U.S. sanctions and international standards regarding these jurisdictions.