Regulatory Alerts2022-12-22 | PDF OnlyAdded
Trends in Bank Secrecy Act Data: Financial Activity by Russian Oligarchs in 2022
FinCEN published a Financial Trend Analysis describing suspicious financial activity by Russian oligarchs, high-ranking officials, and sanctioned individuals based on Bank Secrecy Act reports filed between March 2022 and October 2022. The analysis identified tens of billions of dollars in suspicious transactions, including the transfer of beneficial ownership of companies and trusts to family members and associates to evade sanctions, as well as purchases of high-value goods and real estate in the United States, Turkey, and the UAE. The report highlights patterns indicative of corruption and sanctions evasion, noting that U.S. depository institutions filed the majority of the 454 reports analyzed.