FinCEN Notes FATF Updates on Deficient AML/CFT/CPF Programs

FinCEN recently  issued a notice to U.S. financial institutions to inform them that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.

FinCEN previously provided this information through the issuance of advisories, and the purpose of this and future releases regarding updates to the FATF’s statements is the same. US financial institutions should consider the FATF’s statements when reviewing their obligations and risk-based policies, procedures, and practices with respect to the jurisdictions identified by the FATF.