FATF Updates

The Financial Action Task Force (FATF) recently updated its lists of jurisdictions with strategic Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation (AML/CFT/CPF) deficiencies.

The countries of Cameroon, Croatia, and Vietnam were added to FATF’s list of “Jurisdictions under Increased Monitoring.” Countries with this designation have committed to or are in the process of working to address related deficiencies.

 

FATF’s list of “High-Risk Jurisdictions Subject to a Call for Action” remains unchanged. Burma remains subject to enhanced due diligence while Iran and the Democratic People’s Republic of Korea remain subject to FATF’s countermeasures, including prohibitions on correspondent accounts.

 

FATF also urges financial institutions to continue their vigilance related to current and future risks for sanctions evasion by the Russian Federation as their FATF membership remains suspended.

BSA Resources!

Published
2023/07/31
Kevin Edwards

Kevin Edwards

Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).

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