Regulatory Alerts2017-01-19 | FinCEN Advisory – FIN-2017-A001Added
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.