Regulatory Alerts2020-07-14
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 issued this advisory to inform U.S. financial institutions of updates to the Financial Action Task Force list of jurisdictions with strategic anti-money laundering and counter-terrorist financing deficiencies. The document directs institutions to apply enhanced due diligence and risk-based policies to jurisdictions under increased monitoring, such as Albania and Pakistan, while reminding them of obligations regarding high-risk countries like Iran and North Korea. Additionally, FinCEN requires that Suspicious Activity Reports connected to these jurisdictions reference the advisory key term to facilitate law enforcement analysis.
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