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- Excerpt from Criminal Enforcement:
FinCEN Issues Advisories Regarding Anti-Money Laundering and Counter-Terrorist Financing Risks Identified by FATF. Recently, FinCEN published Advisory FIN-2012-A012, which informs financial institutions operating in the United States about certain money laundering and terrorist financing risks identified by the intergovernmental Financial Action Task Force (FATF). On October 19, 2012, the FATF called on its members to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing risks emanating from Iran and the Democratic People's Republic of Korea. The FATF announcement also detailed anti-money laundering and counter-terrorist financing deficiencies in 17 jurisdictions that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan to address the deficiencies. The FATF called for enhanced due diligence to address risks arising from the deficiencies associated with each jurisdiction. FinCEN separately published Advisory FIN-2012-A011 to advise institutions of an FATF statement regarding 22 jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing, but for which each jurisdiction has provided a high-level political commitment to address the strategic AML/CFT deficiencies.
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Topics: CFPB, Data Protection, E-Commerce, Fannie Mae, FinCEN, Money Laundering, Mortgage-Backed Securities, Mortgages, Securities
Published In: Administrative Agency Updates, Finance & Banking Updates, Privacy Updates, Residential Real Estate Updates, Securities Updates