Regulatory Alerts2020-11-06
Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Proliferation Deficiencies
The Financial Crimes Enforcement Network issued this advisory to inform financial institutions of updates to the FATF list of jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. The document highlights that Iran and North Korea remain subject to a call for action, while Iceland and Mongolia were removed from the increased monitoring list, and it reminds institutions of their due diligence obligations for correspondent accounts with foreign financial institutions. FinCEN further instructs financial institutions to reference this advisory in Suspicious Activity Reports to link reported transactions to the highlighted risks.
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