Regulatory Alerts2023-09-08 | PDF OnlyAdded
Financial Trend Analysis: Trends in Bank Secrecy Act Data Suspected Evasion of Russian Export Controls
The Financial Crimes Enforcement Network (FinCEN) published a Financial Trend Analysis detailing patterns in Suspicious Activity Reports (SARs) filed between June 2022 and July 2023 related to suspected evasion of Russia-related export controls. The dataset comprises 333 reports involving nearly one billion dollars in suspicious activity, with U.S.-based depository institutions filing 96 percent of these reports. The analysis identifies key trends including the supply of U.S.-origin electronics and industrial machinery to Russian end-users via intermediaries in China, Hong Kong, Turkey, and the UAE, as well as emerging networks facilitating transactions for Russia's defense industrial base.