Regulatory Alerts2010-03-18 | FinCEN Advisory - FIN-2010-A003Added
Guidance to Financial Institutions Based on the Financial Action Task Force Publication on Anti-Money Laundering and Counter-Terrorist Financing Risks
FinCEN informs banks and other financial institutions operating in the United States of the anti-money laundering and counter-terrorist financing deficiencies identified by the Financial Action Task Force in Antigua and Barbuda, Azerbaijan, Bolivia, Greece, Indonesia, Kenya, Morocco, Burma, Nepal, Nigeria, Paraguay, Qatar, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Thailand, Turkey, Ukraine, and Yemen. U.S. financial institutions are required to ensure their due diligence programs for correspondent accounts include appropriate, specific, risk-based, and enhanced policies, procedures, and controls designed to detect and report known or suspected money laundering activity. Institutions must also file Suspicious Activity Reports if they know, suspect, or have reason to suspect that a transaction involves funds derived from illegal activity or indicative of money laundering or terrorist financing.