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FinCEN tells firms to revisit jurisdictional risk, FATF adds countries to monitoring list

Ship is checked for contraband in the Arabian Gulf
Photo: Leila Gorchev-Pool/Getty Images

While urging vigilance, FinCEN cautioned that firms should avoid “wholesale or indiscriminate de-risking.”

US financial institutions will need to reassess their jurisdictional risk policies thanks to new countries that have been identified as having “strategic” deficiencies in their anti-money-laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation finance (CPF) systems.

Now, Kuwait and Papua New Guinea are counted among the nations included