Regulatory Alerts2014-03-25 | FinCEN Advisory – FIN-2014-A003Added
Guidance to Financial Institutions Based on the Financial Action Task Force Updated Lists of Jurisdictions with Strategic Anti-Money Laundering and Counter-Terrorist Financing Deficiencies
FinCEN advises U.S. financial institutions to apply enhanced due diligence for correspondent accounts in Algeria, Ecuador, Ethiopia, Indonesia, Myanmar, Pakistan, Syria, Turkey, and Yemen following their inclusion in the FATF Public Statement. Iran and the Democratic People’s Republic of Korea remain subject to countermeasures, requiring continued adherence to existing sanctions and prohibitions. Kenya and Tanzania were moved from the FATF Public Statement to the ongoing monitoring list, while Antigua and Barbuda, Bangladesh, and Vietnam were removed from the listing process entirely. Financial institutions must also consider risks associated with jurisdictions identified in the 'Improving Global AML/CFT Compliance: On-going Process' document when maintaining correspondent accounts.