Regulatory Alerts2022-04-14
Advisory on Kleptocracy and Foreign Public Corruption (FinCEN Advisory FIN-2022-A001)
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to urge financial institutions to prioritize detecting the proceeds of foreign public corruption and kleptocracy. The document outlines specific typologies such as bribery, embezzlement, and asset misappropriation, highlighting Russia as a primary concern due to its nexus with sanctions evasion and malign influence. Financial institutions are required to reference this advisory in Suspicious Activity Reports by including the key term 'CORRUPTION FIN-2022-A001' and selecting the appropriate SAR field to assist U.S. law enforcement in identifying and prosecuting these illicit activities.
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