Regulatory Alerts2016-01-19 | FinCEN Advisory – FIN-2016-A001Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2016-A001)
U.S. financial institutions must apply enhanced due diligence for Myanmar under Section 312 of the USA PATRIAct, including conducting enhanced scrutiny of correspondent accounts and identifying beneficial owners of non-publicly traded foreign banks. The advisory directs institutions to continue consulting existing guidance for Iran and the Democratic People’s Republic of Korea, which remain subject to countermeasures and broad sanctions. Institutions are also reminded to consider risks associated with jurisdictions in the ongoing monitoring process, such as Afghanistan, Algeria, and Syria, while ensuring compliance with general due diligence obligations under 31 C.F.R. § 1010.610(a).