Regulatory Alerts2009-10-28 | FinCEN Advisory – FIN-2009-A007Added
Guidance to Financial Institutions on AML/CFT Risks Posed by Iran, Uzbekistan, Turkmenistan, Pakistan, and São Tomé and Príncipe
Banks and other financial institutions operating in the United States must consider the risks associated with deficiencies in the anti-money laundering and counter-terrorist financing regimes of Iran, Uzbekistan, Turkmenistan, Pakistan, and São Tomé and Príncipe. Covered institutions are required to ensure their due diligence programs for correspondent accounts include appropriate, risk-based, and enhanced policies designed to detect and report suspicious activity. Additionally, financial institutions must file Suspicious Activity Reports if they know, suspect, or have reason to suspect transactions involve funds derived from illegal activity or other violations of federal law.
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