The Financial Crimes Enforcement Network (FinCEN) has issued an alert to financial institutions, warning them of potential for attempts to evade expansive sanctions and other measures implemented in connection with the Russian Federation’s ongoing invasion of Ukraine. The alert provides example red flags to assist in identifying suspected sanctions evasion activity nd reminds financial institutions of their reporting obligations under the Bank Secrecy Act reporting (e.g., suspicious activity report (SAR)) obligations.

All credit unions should carefully review the alert here.

Tweet