Regulatory Alerts2002-04-01 | FinCEN Advisory - Issue 29Added
Transactions Involving Ukraine (FinCEN Advisory - Issue 29)
Banks and other financial institutions operating in the United States must apply enhanced scrutiny to transactions originating in, routed through, or involving entities or persons in Ukraine due to serious deficiencies in that country's counter-money laundering systems. Institutions subject to suspicious transaction reporting rules under 31 C.F.R. Part 103 must carefully examine available facts to determine if reporting is required, while all institutions are advised to scrutinize transactions involving unidentified enterprises or routing through third jurisdictions unrelated to commercial necessities. The Treasury Department considers any report relating to such transactions to constitute a valid suspicious transaction report, granting protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).