Regulatory Alerts2014-08-05 | FinCEN Advisory – FIN-2014-A006Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
This advisory updates U.S. financial institutions on jurisdictions identified by the Financial Action Task Force (FATF) with strategic Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) deficiencies. U.S. financial institutions must continue to apply countermeasures for Iran and the Democratic People’s Republic of Korea, and apply enhanced due diligence for Algeria, Ecuador, Indonesia, and Myanmar when maintaining correspondent accounts for foreign banks, as per 31 CFR § 1010.610(b) and (c). For other identified jurisdictions, including Afghanistan, Albania, and Panama, institutions must consider risks and comply with general due diligence obligations under 31 CFR § 1010.610(a). Ethiopia, Pakistan, Syria, Turkey, and Yemen moved from the enhanced due diligence list to the general deficiencies list, while Kenya, Kyrgyzstan, Mongolia, Nepal, and Tanzania were removed from the FATF listing process.