Regulatory Alerts2013-12-04 | FinCEN Advisory - FIN-2013-A008Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory - FIN-2013-A008)
The Financial Action Task Force updated its list of jurisdictions with strategic AML/CFT deficiencies, prompting FinCEN to advise U.S. financial institutions to adjust their risk-based approaches. Iran and the Democratic People’s Republic of Korea remain subject to countermeasures, while Algeria, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Pakistan, Syria, Tanzania, Turkey, and Yemen are subject to Enhanced Due Diligence requirements under Section 312 of the USA PATRIOT Act for correspondent accounts. Vietnam and Iraq were added to the list of jurisdictions with identified deficiencies, whereas Morocco and Nigeria were removed following significant progress. U.S. financial institutions must apply enhanced due diligence measures, including increased scrutiny and ownership identification, for covered accounts involving the specified jurisdictions.