Regulatory Alerts2022-06-28 | FIN-2022-Alert003Added
FinCEN and BIS Urge Increased Vigilance for Potential Russian and Belarusian Export Control Evasion Attempts
Financial institutions are urged to exercise vigilance against efforts by individuals or entities to evade U.S. export controls implemented in connection with the Russian Federation’s invasion of Ukraine and Belarus’s enabling of that war effort. The alert provides an overview of Bureau of Industry and Security restrictions, lists commodities of concern such as aircraft parts and integrated circuits, and details transactional and behavioral red flags to assist in identifying suspicious activity. Institutions are reminded of their Bank Secrecy Act reporting obligations and instructed to reference the alert key term in Suspicious Activity Report filings.
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