Regulatory Alerts2014-11-12 | FinCEN Advisory – FIN-2014-A009Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
FinCEN advises U.S. financial institutions on the Financial Action Task Force's (FATF) updated list of jurisdictions with strategic Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) deficiencies as of October 24, 2014. Institutions must continue to consult existing guidance for Iran and the Democratic People’s Republic of Korea, and apply enhanced due diligence for correspondent accounts of foreign banks from Algeria, Ecuador, Indonesia, and Myanmar, as required by Section 312 of the USA PATRIOT Act and 31 CFR § 1010.610(b) and (c). For Afghanistan, Albania, Angola, Cambodia, Guyana, Iraq, Kuwait, Lao PDR, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Uganda, Yemen, and Zimbabwe, institutions must consider risks and comply with general due diligence obligations under 31 CFR § 1010.610(a). Argentina, Cuba, Ethiopia, Tajikistan, and Turkey have been removed from the FATF listing and monitoring process, while Guyana has been added.