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ARTICLE · 12 NOVEMBER 2020

FinCEN Updates FATF AML/CFT Deficiencies List

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FinCEN advised financial institutions on recent updates to the Financial Action Task Force ("FATF") list of jurisdictions with strategic AML and Combating the Financing of Terrorism ("AML/CFT") deficiencies.

United StatesGovernment, Public Sector
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FinCEN advised financial institutions on recent updates to the Financial Action Task Force ("FATF") 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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