Notices to Members

August 18, 2014

FinCEN issues an advisory on the FATF-identified jurisdictions with AML/CFT deficiencies and an advisory on promoting a culture of BSA/AML compliance

The Financial Crimes Enforcement Network (FinCEN) recently issued two Advisories that should be reviewed by all NFA Member FCMs and IBs. Below is a brief summary of each Advisory and a link to the document.

Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

On August 5, 2014, FinCEN issued an Advisory announcing that the Financial Action Task Force (FATF) had updated its list of jurisdictions with strategic anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies.

NFA Member FCMs and IBs should review this Advisory to ensure that their AML programs have the most current information on FATF-identified jurisdictions with AML/CFT deficiencies, and revise their AML programs accordingly.

A copy of the Advisory is available at https://www.fincen.gov/sites/default/files/advisory/FIN-2014-A006.pdf [hyperlink updated 10/22/21].

Advisory on Promoting a Culture of BSA/AML Compliance

On August 11, 2014, FinCEN issued an Advisory highlighting the importance of a strong culture of BSA/AML compliance for senior management, leadership and owners of all financial institutions required to comply with the Bank Secrecy Act. The Advisory highlights general principles illustrating how financial institutions and their leadership may improve and strengthen organizational compliance with BSA obligations. A copy of this Advisory is available at https://www.fincen.gov/sites/default/files/advisory/FIN-2014-A007.pdf [hyperlink updated 10/22/21].