FinCEN Takes Additional Steps to Hinder Sanctioned Russian Elites

The Financial Crimes Enforcement Network today issued an alert reminding financial institutions of the importance of identifying and quickly reporting suspicious transactions in connection with sanctioned Russian elites and their families. The alert highlights red flags to help banks and others identify suspicious transactions.

The FinCEN alert comes as the Treasury Department and Justice Department today announced a new multilateral task force focused on denying and disrupting sanctioned Russian individuals from accessing the international financial system. FinCEN is also working jointly with the financial intelligence units of ally nations as part of a working group on Russian sanctions.