An Alert from FinCEN and BIS on 28 June urges financial institutions to be vigilant against efforts by individuals or entities to evade BIS export controls implemented in connection with the Russia’s further invasion of Ukraine. It further reminds financial institutions of their Bank Secrecy Act reporting obligations and details how suspected export control evasion activity may also be reported to BIS enforcement authorities. It provides financial institutions with an overview of BIS’s current export restrictions; a list of commodities of concern for possible export control evasion; and select transactional and behavioural red flags to assist financial institutions in identifying related suspicious transactions.
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NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!