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

ADVICE: "Small business owners doing their best to comply with the law should not lose sleep over these new reporting requirements,” FinCEN director Andrea Gacki told a community outreach event in Tucson, Arizona.

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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