WASHINGTON--(BUSINESS WIRE)--Promontory Compliance Solutions today released the latest edition of AML Atlas™, a database that rates countries of the world by anti-money laundering ("AML") and sanctions risk.

The release incorporates new data from the Financial Action Task Force ("FATF"), an inter-governmental body which, at its recent plenary session, identified 28 countries with "strategic deficiencies" in AML efforts. The FATF’s 35 member nations and regional organizations represent most major financial centers in all parts of the globe.

AML Atlas™ continues to rate Iran, Burma (also known as Myanmar), and Cuba as among the riskiest countries, considering the U.S. and multinational sanctions against them. In addition, it identified several countries, including Andorra, Ethiopia, Kenya, and Monaco, as presenting rising risks.

“The need for cutting-edge intelligence on money laundering hot-spots is as great as it has ever been, and AML Atlas™ has earned a loyal following,” said Eugene A. Ludwig, CEO of Promontory Compliance Solutions. He noted that the U.S. Financial Crimes Enforcement Network in March levied its largest penalty ever—$110 million—against a financial institution for violations of the Bank Secrecy Act.

"This latest release not only incorporates the latest FATF advisories, but incorporates feedback and data from our growing subscriber network based on their on-the-ground experience with high-risk countries,” added Michael Dawson, chief operating officer of Promontory Compliance Solutions.

Promontory Compliance Solutions introduced AML Atlas™ in 2005 to meet the need for a geographic risk assessment tool that rates countries according to their perceived risk of money laundering and terrorist financing. Delivered twice a year through a subscription-only database, AML Atlas™ compiles information on over 200 jurisdictions and assigns each an overall risk score. The database is used by community, regional, and multinational banks in the U.S., Europe, Asia, and Africa, and can also be used to create customized reports and risk ratings.

Promontory Compliance Solutions is an affiliate of Promontory Financial Group, the premier global financial services consulting firm. Promontory was founded by Mr. Ludwig, who is its chairman and CEO. Mr. Dawson served as Deputy Assistant Secretary for Critical Infrastructure Protection and Compliance Policy at the U.S. Department of the Treasury before joining Promontory as a managing director in 2004.

In addition to AML Atlas, other Promontory Compliance Solutions offerings include RADAR™, a tool for conducting compliance risk assessments according to a uniform methodology across an entire financial holding company, and Log™, a web-based application that improves information flow and facilitates better compliance project management.

Additional information regarding the AML Atlas™ can be obtained upon request to info@promontorycs.com.

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