E Point Perfect – Interesting and beneficial content
Law \ Legal

FinCEN and the U.S. Department of Commerce Issue Joint Alert Highlighting Risks of Export Control Violations for Financial Institutions


On June 28, 2022, the Financial Crimes Enforcement Network (“FinCEN”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a joint alert (the “Alert”), urging financial institutions regulated under the Bank Secrecy Act (“BSA”) to remain vigilant of efforts by third parties to evade the extensive U.S. export controls imposed on Russia and Belarus relating to Russia’s invasion of Ukraine. The Alert provides BSA-regulated financial institutions (“Covered Institutions”) with guidance on how to identify customers and transactions that may pose elevated export controls evasion risks. The Alert reflects the Biden Administration’s “whole of government” approach to prevent Russian circumvention of U.S. export controls. 

Click here to continue reading the full version of this alert.


Source link

Related posts

AutoCAD 21.0 Crack For PC (2022) 🕴

DFS’s First Enforcement Action Against a Blockchain Company: Lessons Learned

Proposed UCC Amendments to Article 12 Shed New Light on Transacting and Securing Interests in Digital Assets

Documate Expands Automation with Zapier Integration

European Commission proposes measures to address energy consumption by crypto-assets

RV Tip – Always Check The Coach For Dead Animals Before Leaving On A Trip.