Regulatory Alerts2014-03-06 | FinCEN Advisory – FIN-2014-A002Added
Updated Guidance to Financial Institutions on Recent Events related to the Departure of Victor Yanukovych and Other Ukrainian Officials
The Financial Crimes Enforcement Network updates previous guidance by providing the names and identifying information of former Ukrainian officials and their associates subject to European Union and Canadian sanctions. U.S. financial institutions are required to apply enhanced scrutiny to private banking accounts held by or on behalf of these senior foreign political figures to detect transactions involving misappropriated state assets or proceeds of corruption. The advisory also reminds institutions of their obligation to file Suspicious Activity Reports for transactions involving illicit funds and to maintain written due diligence programs for private banking accounts under section 312 of the USA PATRIOT Act.