07 Mar 2022

The Financial Crimes Enforcement Network Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts

March 7th, 2022, The Financial Crimes Enforcement Network (FinCEN), issued a FinCEN Alert, advising financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other United States (US) imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine. The alert provides examples of red flags to assist in identifying suspected sanctions evasion activity and reminds financial institutions of their reporting obligations under the Anti-Money Laundering/Bank Secrecy Act Regulations.

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