FinCEN issues reminder to identify suspicious transactions involving Russian elites

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Migrant smuggling laundering methods report released by FATF

The Financial Crimes Enforcement Network (FinCEN) has issued an alert reminding financial institutions of the importance of identifying and quickly reporting suspicious transactions involving real estate, luxury goods, and other high-value assets of sanctioned Russian elites and their proxies. The alert provides red flags to assist financial institutions in identifying suspicious transactions, and reminds financial institutions of their Bank Secrecy Act (BSA) reporting obligations.

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