The Financial Crimes Enforcement Network this week issued an alert to financial institutions on potential attempts by Russian elites to evade sanctions through the U.S. commercial real estate sector.
The reports will be filed electronically through an online interface and must contain specific types of information outlined by FinCEN.
The alert provides trends, typologies and red-flag indicators for banks to identify and report suspicious transactions.
With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
In a report today, the Financial Crimes Enforcement Network said it was able to identify tens of billions of dollars in suspicious activity by Russian oligarchs thanks in large part to filings from U.S. depository institutions.
Financial institutions should not wait for a central registry to come online. Banks benefit by becoming proactive right now.
The proposed regs would govern how BOI information is protected and disclosed to federal agencies, governments and financial institutions.
The Financial Crimes Enforcement Network is working on proposed regulatory amendments to ensure that anti-money laundering and combating the financing of terrorism programs that incorporate the agency’s national priorities are effective, reasonably designed and consider the agency’s risk assessment program, Acting Director Himamauli Das said today during the ABA/ABA Financial Crimes Enforcement Conference.
The value of ransomware-related BSA filings in 2021 approached $1.2 billion—a 188% increase compared to the previous year.
The Financial Crimes Enforcement Network today reissued and expanded its geographic targeting orders requiring U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.