Regulatory Alerts2015-07-17 | FinCEN Advisory – FIN-2015-A002Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2015-A002)
U.S. financial institutions must apply enhanced due diligence under Section 312 of the USA PATRIOT Act when maintaining correspondent accounts for foreign banks licensed in Algeria and Myanmar, as these jurisdictions are subject to FATF countermeasures or Enhanced Due Diligence calls. The advisory updates the list of jurisdictions with strategic Anti-Money Laundering and Counter-Terrorist Financing deficiencies by removing Ecuador from the high-risk public statement and Indonesia from the listing and monitoring process, while adding Bosnia and Herzegovina to the latter category. For other identified jurisdictions including Afghanistan, Angola, Ecuador, Guyana, Iraq, Lao PDR, Panama, Papua New Guinea, Sudan, Syria, Uganda, and Yemen, institutions must ensure their general due diligence programs comply with 31 C.F.R. § 1010.610(a). Existing sanctions and prohibitions regarding Iran and the Democratic People’s Republic of Korea remain in effect.