Regulatory Alerts2022-03-07 | FIN-2022-Alert001Added
FinCEN Advises Increased Vigilance for Potential Russian Sanctions Evasion Attempts
FinCEN alerts financial institutions to be vigilant against efforts to evade U.S. sanctions imposed on the Russian Federation and Belarus, providing select red flag indicators for identifying potential sanctions evasion through the U.S. financial system and convertible virtual currency. The alert reminds institutions of their Bank Secrecy Act reporting obligations, specifically requesting that Suspicious Activity Reports reference the key term “FIN-2022-RUSSIASANCTIONS” in field 2 and the narrative. Financial institutions are also encouraged to utilize Section 314(b) of the USA PATRIOT Act for information sharing and to report suspicious transactions involving ransomware attacks immediately.