Regulatory Alerts2016-09-07 | FinCEN Advisory - FIN-2016-A004Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
This advisory updates U.S. financial institutions on the Financial Action Task Force's (FATF) revised list of jurisdictions with strategic Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) deficiencies as of June 24, 2016. The FATF conditionally suspended its call for countermeasures against Iran for 12 months, moving it to Enhanced Due Diligence, but U.S. financial institutions must still comply with existing U.S. sanctions on Iran. The Democratic People’s Republic of Korea (DPRK) remains subject to countermeasures, with U.S. financial institutions required to adhere to existing U.S. sanctions and a proposed rule to prohibit correspondent accounts with North Korean financial institutions. U.S. financial institutions must apply enhanced due diligence for correspondent accounts with foreign banks from designated countries, and consider risks for other identified jurisdictions like Afghanistan, Bosnia and Herzegovina, Guyana, Iraq, Lao PDR, Syria, Uganda, Vanuatu, and Yemen, while noting the removal of Myanmar and Papua New Guinea from the FATF listing process.