Real-time monitoring of customers and transactions against FATF high-risk countries and jurisdictions

"360 Screenings monitors countries on the FATF grey and blacklists and notifies via API if customers or transactions require enhanced due diligence"

What is the FATF?

The Financial Action Task Force (FATF) is an intergovernmental organisation that continually identifies and monitors high-risk countries with strategic anti-money laundering (AML) deficiencies constituting a risk to the global financial system.

FATF blacklist vs. gray list?

The so-called FATF high-risk countries subject to a call for action (FATF "blacklist") are countries with strategic AML deficiencies unable or unwilling to address them - until 2006 they were called Non-Cooperative Countries and Territories. By contrast, the FATF countries under increased monitoring (FATF "grey" list) are actually working with the FATF to address those AML vulnerabilities.

When does the FATF publish its updated lists?

The FATF publishes changes in its list of jurisdictions under increased monitoring (here) three times a year following its plenary meeting. The FATF Plenary Meetings usually take place in February, June, and October each year.

Why is the FATF country list important?

For the countries concerned, inclusion in a FATF list means increased control of their cross-border payment transactions, enhanced due diligence (EDD) by correspondent banks on incoming and outgoing payments and considerable delays in payment processing and settlement.

In addition, the FATF country list is of major importance in the Swiss context when it comes to assessing the risks associated with business relationships and transactions. Customers and payments associated with a FATF risk country list must be classified as risky by law.

Thus, pursuant to Art. 13-14 AMLO FINMA (here), the following circumstances are always considered business relationships or transactions with increased risks:

• Business relationships involving persons domiciled in, or citizens of, a country that is considered "high risk" or non-cooperative by the FATF and for which the FATF calls for increased due diligence
• Payments from or to persons or banks domiciled in a country that is considered "high risk" or non-cooperative by the FATF and for which the FATF calls for increased due diligence

Which countries are on the FATF grey list (26Q1)?

• Algeria
• Angola
• Bolivia
• British Virgin Islands
• Bulgaria
• Cameroon
• Congo-Kinshasa
• Côte d'Ivoire
• Haiti
• Kenya
• Kuwait
• Laos
• Lebanon
• Monaco
• Namibia
• Nepal
• Papua New Guinea
• South Sudan
• Syria
• Venezuela
• Viet Nam
• Yemen

Which countries are included in the FATF blacklist (26Q1)

• Iran
• Myanmar
• North Korea
  

FATF Grey List (22 countries)

FATF Blacklist