Regulatory Alerts2016-03-21 | FinCEN Advisory - FIN-2016-A002Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory - FIN-2016-A002)
U.S. financial institutions must update their risk-based policies and enhanced due diligence obligations following the Financial Action Task Force's February 19, 2016, updates to its lists of jurisdictions with strategic AML/CFT deficiencies. Iran and the Democratic People’s Republic of Korea remain subject to countermeasures, while Vanuatu is added to the list of jurisdictions with ongoing deficiencies, and Algeria, Angola, Myanmar, and Panama are removed. Institutions maintaining correspondent accounts for foreign banks in jurisdictions subject to enhanced due diligence must implement specific scrutiny measures, including identifying beneficial owners of non-publicly traded banks and assessing risks from upstream correspondent relationships.