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Updates on FATF List


The Department of Treasury of United States has sub-department named FinCEN, which deals with the issue of financial crimes. And this week, they have updated the list of Financial Action Task Force (FATF).

The Financial Action Task Force (FATF) came into action since 2000. It is the global body for the combination of Anti-Money Laundering (AML) and Countering the financing of terrorism.

Now, the financial institutions will have to follow these two rules while doing their businesses:

  • Jurisdictions that are subject to the FATF’s call for countermeasures or are subject to EDD due to their AML/CFT deficiencies

  • Jurisdictions identified by the FATF as having AML/CFT deficiencies

Follow the link for detailed information:

https://www.fincen.gov/sites/default/files/advisory/2017-04-05/FinCEN%20FATF%20Advisory%20%28February%202017%29.pdf

Abbreviation:

EDD: Enhanced Due Diligence

AML: Anti-Money Laundering

CFT: Countering the Financing of Terrorism

Image source: Source: http://www.cutimes.com/2015/06/04/fincen-report-eyes-credit-unions?slreturn=1491464454

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