Regulatory Alerts2015-03-16 | FinCEN Advisory – FIN-2015-A001Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
FinCEN advises U.S. financial institutions on updated lists of jurisdictions with strategic Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) deficiencies, as identified by the Financial Action Task Force (FATF) on February 27, 2015. For Iran and the Democratic People’s Republic of Korea, institutions must continue to consult existing FinCEN and U.S. Department of the Treasury guidance and adhere to U.S. sanctions and United Nations Security Council Resolutions. U.S. financial institutions must apply enhanced due diligence, as per Section 312 of the USA PATRIOT Act and 31 C.F.R. § 1010.610(b) and (c), when maintaining correspondent accounts for foreign banks licensed in Algeria, Ecuador, and Myanmar. For Afghanistan, Angola, Guyana, Indonesia, Iraq, Lao PDR, Panama, Papua New Guinea, Sudan, Syria, Uganda, and Yemen, institutions should consider associated risks and comply with general due diligence obligations under 31 C.F.R. § 1010.610(a).