Regulatory Alerts2018-04-27
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory FIN-2018-A002)
The Financial Crimes Enforcement Network issued this advisory to alert U.S. financial institutions to the Financial Action Task Force's February 2018 updates regarding jurisdictions with strategic anti-money laundering and counter-terrorist financing deficiencies. The document mandates that institutions apply enhanced due diligence or countermeasures for North Korea and Iran, while noting Serbia's addition and Bosnia and Herzegovina's removal from the ongoing monitoring list. It further instructs covered entities to reference the February 2018 FATF statements in Suspicious Activity Report narratives to highlight connections to the identified high-risk jurisdictions.
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