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FinCEN Advisory Addresses Jurisdictions With AML Deficiencies

Jaclyn Jaeger | March 17, 2015

Financial institutions may want to review their enhanced due diligence obligations and risk-based approaches, following a new advisory issued by the Treasury Department’s Financial Crimes Enforcement Network regarding jurisdictions with anti-money laundering deficiencies.

On March 16, the Treasury Department's Financial Crimes Enforcement Network issued guidance in response to the Financial Action Task Force’s (FATF) updated list of jurisdictions with Anti–Money Laundering and Counter–Terrorist Financing (AML/CFT) deficiencies. “Financial institutions should consider these changes when reviewing their enhanced due diligence obligations and risk–based policies, procedures, and practices with respect to the jurisdictions noted below,” FinCEN stated.

Countries identified by FATF as having strategic deficiencies in their AML/CFT regimes that call for countermeasures to protect the...

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