The Financial Crimes Enforcement Network today issued an analysis of patterns and trends contained in Bank Secrecy Act reporting on suspected evasion of Russia-related export controls. The analyzed reports indicate almost $1 billion in suspicious activity, the agency said.
A majority of the companies analyzed were linked to the electronics industry and were potentially associated with—or directly facilitating—Russian export control evasion, FinCEN said. Companies in the industrial machinery industry were also potentially supplying Russia with equipment, it added.
“We appreciate our strong partnership with financial institutions and their continued efforts to provide significant financial intelligence leads and indications of potential Russia-related export control violations,” Acting FinCEN Director Himamauli Das said.