FinCEN Issues Advisory on Detecting Illicit Transactions

The Advisory highlights how terrorist organizations receive support from Iran, typologies used to illicitly access and circumvent the global financial system, and red flags designed to assist firms in identifying suspicious activity.

Additional guidance is provided on firms’ reporting, due diligence, and information sharing requirements.

Firms with U.S. operations should review the FinCEN Advisory and take any appropriate action in fulfilling their obligations under the Bank Secrecy Act.