Regulatory Alerts2013-09-17 | FinCEN Advisory – FIN-2013-A006Added
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2013-A006)
FinCEN advises U.S. financial institutions to apply enhanced due diligence for correspondent accounts maintained for foreign banks in Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Pakistan, São Tomé and Príncipe, Syria, Tanzania, Turkey, Vietnam, and Yemen, in accordance with Section 312 of the USA PATRIOT Act and 31 CFR § 1010.610(b) and (c). The advisory updates the FATF-identified jurisdictions by removing Bolivia, Brunei Darussalam, Philippines, Sri Lanka, and Thailand from the monitoring process, while adding Nigeria and Lao PDR to the list of jurisdictions with strategic deficiencies. U.S. financial institutions are reminded to continue observing existing countermeasures and sanctions regarding Iran and the Democratic People’s Republic of Korea, and to apply general risk-based due diligence obligations under 31 CFR § 1010.610(a) for other identified jurisdictions.