FinCEN updates jurisdictions with AML/CFT deficiencies

March 23, 2016 -- An updated list of international jurisdictions with strategic deficiencies in their anti-money laundering and countering the financing of terrorism actions – which may affect credit union and other financial institution due diligence and other responsibilities – has been published by the Financial Crimes Enforcement Network (FinCEN). In its advisory FIN-2016-A002 (published March 21), FinCen noted that financial institutions should consider the updates to the list when reviewing enhanced due diligence obligation and risk-based policies, procedures and practices with respect to the jurisdictions noted. Those jurisdictions were identified by the Financial Action Task Force (FATF) last month in two categories: those that are subject to countermeasures or enhanced due diligence due to their AML/CFT deficiencies, and; those having AML/CFT deficiencies.


FinCEN advisory on FATF-identified jurisdictions with AML/CFT deficiencies (FIN 2016-A002)