E Point Perfect
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

FCA updates TPR webpages – LexBlog

Dawn Zuniga

Authentic and Vulnerable Communication With Customers Works

Dawn Zuniga

Applicant Advice to Prevent NYPD Disqualification

Dawn Zuniga

OFCCP Advises Educational Institutions to Update Registration Information in Contractor Portal

Dawn Zuniga

Alex Jones Damages Phase Starts

Dawn Zuniga

职场性骚扰的处理与应对——最高院181号指导案例分析

Dawn Zuniga