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ARTICLE · 17 JULY 2020

FATF Updates AML/CFT Deficiencies List - July 2020

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In an advisory, FinCEN alerted financial institutions to recent Financial Action Task Force ("FATF") updates to the list of jurisdictions with strategic AML and combating the financing of terrorism ("AML/CFT") deficiencies.

United StatesGovernment, Public Sector
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In an advisory, FinCEN alerted financial institutions to recent Financial Action Task Force ("FATF") updates to the list of jurisdictions with strategic AML and combating the financing of terrorism ("AML/CFT") deficiencies. FinCEN stated that changes to the FATF list may affect U.S. financial institutions' risk-based due diligence obligations concerning the affected jurisdictions.

The FATF's "High-Risk Jurisdictions Subject to a Call for Action," published on February 21, 2020, remains in effect. As previously covered, the FATF called for (i) enhanced due diligence and countermeasures with respect to the Democratic People's Republic of Korea (or "DPRK") and (ii) enhanced due diligence and renewed countermeasures with respect to Iran.

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