By Turnkey Trading Partners:

On June 29, 2023, the Financial Crimes Enforcement Network (FinCEN) issued a news release aimed at informing U.S. financial institutions about the recent public statement from the Financial Action Task Force (FATF). The statement emphasizes the importance for all jurisdictions to remain vigilant against current and emerging risks related to the circumvention of measures taken against the Russian Federation. This vigilance is crucial to safeguard the integrity of the international financial system.

Additionally, the news release disclosed that the FATF has reissued its list of jurisdictions with strategic Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) deficiencies. As a result, NFA Member futures commission merchants (FCM) and introducing brokers (IB) are advised to thoroughly review this release. It is essential for them to ensure that their AML programs are updated with the most current information on FATF-identified jurisdictions with AML/CFT deficiencies. These entities must then proceed to make the necessary revisions to their AML programs accordingly.

Interested parties can find a copy of the news release on FinCEN’s website for further reference and detailed information.

To learn more about how Turnkey can write, update, and review your AML policies and procedures in order to remain compliant please contact us today.