Financial institutions are urged to be vigilant against efforts by individuals or entities to evade export controls implemented in connection with the Russian invasion of Ukraine. The alert was issued this week by the Financial Crimes Enforcement Network and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS).
The alert provides financial institutions an overview of current BIS export restrictions, a list of certain commodities of concern and other information they can use and incorporate into their risk-based screening of financial transactions. It also provides select transactional and behavioral red-flag indicators of export control evasion, including red flags derived from recent Bank Secrecy Act reporting.
“Together, we are urging financial institutions to be vigilant against efforts to evade BIS export controls implemented in connection with Russia’s invasion of Ukraine,” said Das Himamauli, FinCEN acting director, of the joint alert from FinCEN and BIS. “By identifying and reporting suspicious activity indicative of such behavior, financial institutions contribute to U.S. and international efforts to degrade Russia’s military capabilities, apply economic pressure, and end the war in Ukraine.”