Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 25Added
Transactions Involving the Russian Federation (FinCEN Advisory - Issue 25)
The Financial Crimes Enforcement Network informs U.S. banks and financial institutions of serious deficiencies in the Russian Federation's counter-money laundering systems, including the lack of comprehensive laws, customer identification, and suspicious transaction reporting requirements. Institutions are advised to carefully examine transactions originating in, routed through, or involving entities in Russia, particularly those of $5,000 or more, to determine if they require reporting under 31 C.F.R. 103.18 or other applicable laws. The Treasury Department considers any report relating to such transactions to constitute a valid suspicious transaction report, providing protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).
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