RegAlert2017-01-19 | FinCEN Advisory – FIN-2017-A001Added · Updated
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2017-A001)
U.S. financial institutions must update their risk-based policies and enhanced due diligence obligations to reflect the Financial Action Task Force's October 21, 2016, updates to its list of jurisdictions with strategic AML/CFT deficiencies. The advisory places Iran in the Enhanced Due Diligence category, removing it from the countermeasures list for a 12-month conditional suspension period ending in June 2017, while maintaining the Democratic People’s Republic of Korea in the countermeasures category. Guyana has been removed from the listing due to significant progress in addressing deficiencies, whereas Afghanistan, Bosnia and Herzegovina, Iraq, Lao PDR, Syria, Uganda, Vanuatu, and Yemen remain identified as having AML/CFT deficiencies. Institutions are reminded to comply with existing U.S. sanctions and special measures, including the prohibition on correspondent accounts for North Korean financial institutions effective December 9, 2016.
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FIN-2017-A001 January 19, 2017
- The FATF (www.fatf-gafi.org) is a 37-member intergovernmental policy-making body that establishes international
standards to combat money laundering and counter the financing of terrorism and proliferation of weapons of mass destruction. The United States is a member of the FATF. - The FATF public identification of countries with strategic AML/CFT deficiencies is in response to the G-20
leaders’ call for the FATF to reinvigorate its process for assessing countries’ compliance with international AML/ CFT standards. The G-20 leaders have consistently called for the FATF to issue regular updates on jurisdictions with strategic deficiencies. Specifically within the FATF, the International Cooperation Review Group (ICRG) monitors and identifies countries with AML/CFT deficiencies. For more information on the ICRG procedures, please visit the FATF’s website – www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/ moreabouttheinternationalco-operationreviewgroupicrg.html. - 31 U.S.C. § 5318(h) and (i).
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies On October 21, 2016, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic AML/CFT deficiencies. These changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions. As part of the FATF’s listing and monitoring process to ensure compliance with its international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, the FATF identifies certain jurisdictions as having strategic deficiencies in their AML/CFT regimes.1
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works