FinCEN: Stay Alert for Sanction Evasion

This week FinCEN issued an alert directing US financial institutions to increase their vigilance in watching for efforts to evade Russian related sanctions. The alert identifies several possible evasion typologies that may be used. Elliot  sits down with Tim White, Special Advisor at AML RightSource and global sanctions expert to talk about the alert. Elliot and Tim discuss some of the implications for evasion through the use of virtual currency, and the importance of monitoring changes in transaction flows and volumes, and transactions from new sources. They also note that the alert has value for the financial crime prevention community beyond the US.