Anti-Financial Crime & Financial Crime Compliance
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Financial Crime, Financial Services, Regulatory, Sanctions, US

NEWS: New US SAR key term issued by FinCEN over Russia exports; places ‘massive undertaking on even biggest banks,’ says our columnist

NEW SAR KEY TERM: “The purposeful evasion of U.S. export controls, regardless of where it occurs or the adversary it supports, is a serious national security issue,” said FinCEN Director Andrea Gacki (pictured). “FinCEN is proud to partner with BIS in issuing this Notice and providing financial institutions with a new key term which they can use to file suspicious activity reports when they suspect such activity.”

By ALISHA HOULIHAN for AML Intelligence FinCEN and the US Department of Commerce’s Bureau of Industry and Security (BIS) have issued a joint notice highlighting a new SAR key term (“FIN-2023-GLOBALEXPORT”) for financial institutions (FSIs). FSIs must henceforth reference the key term when reporting suspected efforts by persons or companies trying to evade U.S. export…

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