US financial institutions should look for sanctionable cyber asset transfers from Russia, FinCEN says

Summary

MLex Summary: US Banks and other financial institutions should look for red flags of transactions by parties seeking to circumvent US sanctions imposed on Russian and Belarusian entities in response to the invasion of Ukraine, the Financial Crimes Enforcement Network said. In particular, convertible virtual currency transactions that might originate from a sanctioned entity should be the subject of suspicious activity reports, FinCEN said. FinCEN's advisory specified that rapid transactions are particularly risky and advised banks to monitor for IP addresses from Russia or from unknown senders.