Regulatory Alerts2021-03-11
Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
The Financial Crimes Enforcement Network issued this advisory to inform U.S. financial institutions of updates to the Financial Action Task Force list of jurisdictions with strategic anti-money laundering and counter-terrorist financing deficiencies. The document identifies Iran and North Korea as high-risk jurisdictions subject to countermeasures, while updating the list of jurisdictions under increased monitoring to include Burkina Faso, the Cayman Islands, Morocco, and Senegal, and removing The Bahamas. Financial institutions are required to review their risk-based policies, ensure enhanced due diligence for correspondent accounts involving these jurisdictions, and reference the advisory key term in Suspicious Activity Reports.
Share