FinCEN Issues Advisory on FATF Identified Deficient Jurisdictions

Adam Witmer
BSA, Regulatory Update

On 11/6/2020, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on the Financial Action Task Force (FATF)-identified jurisdictions with anti-money laundering, combating the financing of terrorism, and the proliferation deficiencies. In short, FATF recently (10/23/2020) updated its list of jurisdictions with strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. These changes may affect US financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions. FinCEN requests that financial institutions filing a SAR for related activity reference their advisory in SAR field 2 (Filing Instruction Note to FinCEN) and the narrative by including the key term “October 2020 FATF FIN-2020-A009.”

The full advisory can be found here.

Adam Witmer
BSA, Regulatory Update
Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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