Regulatory Alerts2017-09-15 | FinCEN Advisory FIN-2017-A005Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
This advisory informs U.S. financial institutions of the Financial Action Task Force's (FATF) updated lists of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies, published on June 23, 2017. It reminds institutions to apply countermeasures against the Democratic People’s Republic of Korea (DPRK) and maintain existing broad restrictions on transactions involving Iran, consistent with U.S. sanctions and a December 9, 2016 rule prohibiting correspondent accounts for DPRK banking institutions. For Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu, and Yemen, institutions must consider risks and comply with general due diligence obligations. Afghanistan and Lao PDR have been removed from the FATF listing, requiring financial institutions to consider this in their risk assessments.