WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has issued an alert advising all financial institutions to be vigilant against Russian efforts to evade the U.S.-imposed sanctions and other U.S. restrictions implemented in connection with the Russian invasion of Ukraine.
“In the face of mounting economic pressure on Russia, it is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state actors and oligarchs,” said FinCEN Acting Director Him Das. “Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.”
The alert provides examples of red flags to assist in identifying suspected sanctions evasion activity and reminds FIs of their reporting obligations under the Bank Secrecy Act (BSA).
The alert also strongly encourages FIs to make full use of their ability to share information consistent with Section 314(b) of the USA PATRIOT Act and to conduct appropriate, risk-based customer due diligence or enhanced due diligence where required.
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