Regulatory Alerts2014-02-25 | FinCEN Advisory - FIN-2014-A001Added
Guidance to Financial Institutions on Recent Events related to the Departure of Victor Yanukovych and Other Ukrainian Officials (FinCEN Advisory - FIN-2014-A001)
U.S. financial institutions are required to apply enhanced scrutiny to private banking accounts held by or on behalf of senior foreign political figures, specifically regarding Viktor Yanukovych and other Ukrainian officials. Institutions must monitor transactions for potential misappropriation of state assets, bribery, or other public corruption proceeds and file Suspicious Activity Reports if illicit activity is suspected. This guidance reinforces existing due diligence programs under section 312 of the USA PATRIOT Act for private banking accounts held for non-U.S. persons.