Regulatory Alerts2018-02-09
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory FIN-2018-A001)
The Financial Crimes Enforcement Network issued this advisory to alert U.S. financial institutions to the Financial Action Task Force's November 2017 updates regarding jurisdictions with strategic anti-money laundering and counter-terrorist financing deficiencies. The document mandates that institutions apply enhanced due diligence and consider countermeasures for the Democratic People's Republic of Korea and Iran, while adjusting risk-based policies for jurisdictions added to or removed from the FATF monitoring list. It further reinforces existing U.S. sanctions and regulatory obligations under the Bank Secrecy Act and USA PATRIOT Act to mitigate risks associated with these high-risk jurisdictions.
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