• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
A person engaged in the analysis of suspected financial evasion on a laptop, with a graph displaying the findings.

FinCEN Publishes Analysis on Trends Related to Suspected Evasion of Russia-Related Export Controls

10/06/2023
Intellection Software & Technologies Pvt. Ltd. Nominated for Go Global Awards 2025 in London

Intellection Software & Technologies Pvt. Ltd. Driving AI-Powered Innovation Across the Globe

09/12/2025
APEX Miami 2025: Showcasing a Prestigious Lineup of Global Exhibitors

APEX Miami 2025: Showcasing a Prestigious Lineup of Global Exhibitors

09/11/2025
Supply Chain & Logistics Summit 2025

Supply Chain & Logistics Summit 2025

09/11/2025
Windponics India Pvt Ltd Nominated for Go Global Awards 2025 in London

Windponics India Pvt Ltd Nominated for Go Global Awards 2025 in London

09/10/2025
Paramount Consortium of Companies INC. Nominated for Go Global Awards 2025 in London

Paramount Consortium of Companies INC. Nominated for Go Global Awards 2025 in London

09/10/2025
M/S Swiss Apparels (Pvt) Ltd. Nominated for Go Global Awards 2025 in London

M/S Swiss Apparels (Pvt) Ltd. Nominated for Go Global Awards 2025 in London

09/10/2025
Oil & Gas Annual Conference & Expo 2025

Fueling the Future: Oil & Gas Annual Conference & Expo 2025

09/10/2025
ARC Fintube Technologies Private Limited Nominated for Go Global Awards 2025 in London

ARC Fintube Technologies Private Limited Nominated for Go Global Awards 2025 in London

09/10/2025
CPO Summit 2025 Set for California

CPO Summit 2025 Set for California

09/11/2025
Unique Freight Logistics Nominated for Go Global Awards 2025 in London

Unique Freight Logistics Nominated for Go Global Awards 2025 in London

09/09/2025
Model Rice Mills Nominated for Go Global Awards 2025 in London

Model Rice Mills Nominated for Go Global Awards 2025 in London

09/09/2025
Evolve Future Mobility Show 2025

Revolutionize the Future of Transport at the Evolve Future Mobility Show 2025!

09/09/2025
supplychainreport
Saturday, September 13, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

FinCEN Publishes Analysis on Trends Related to Suspected Evasion of Russia-Related Export Controls

by Richie
10/06/2023
in Anti-Money Laundering (AML), Compliance

YOU MAY ALSO LIKE

RightVantage Exim Launches Free Tariff Analysis Tool

Maprima Management BV: Driving Corporate Services Excellence Across the Benelux

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently published a Financial Trend Analysis (FTA) on September 8, 2023. This FTA sheds light on trends associated with suspected evasion of Russia-related export controls, as observed in reports filed by financial institutions under the Bank Secrecy Act (BSA). These reports, including suspicious activity reports, provide valuable insights into compliance efforts while highlighting the proactive approach of enforcement agencies in identifying and investigating potential violations.

The FTA delves into data collected by FinCEN between June 2022 and July 2023. This data was in response to joint alerts issued by FinCEN and the US Department of Commerce’s Bureau of Industry and Security (BIS) regarding export control evasion efforts since Russia’s invasion of Ukraine in February 2022. Here, we outline key takeaways from this analysis:

Three Major Trends Identified:

  1. Involvement of US-Based Companies: US-based companies have been engaged in transactions where US-origin goods have reached Russian end users, either directly or indirectly via third parties in transshipment points outside the US. These transactions span regions like East and Central Asia, the Middle East, Europe, and Central and South America. Notably, the companies involved often operate in sensitive industries that could support Russia’s defense industrial base and military and intelligence services.
  2. Third-Country Companies Acting as Intermediaries: Companies in third countries, including subsidiaries of Russia-based parent companies, have been purchasing US-origin goods on behalf of Russian end users. These intermediaries have formed networks involving non-US entities and individual entities across various countries, such as China, Hong Kong, Turkey, the UAE, the UK, Canada, Cyprus, and Singapore. The goods supplied range from microelectronics components to industrial machine industry items.
  3. Procurement and Supply of Sensitive US Items: The FTA reveals that entities in the electronics and industrial machine industries are prevalent in these transactions. Examples of supplied electronics items include microelectronics components, imaging technology, and electromechanical instrumentation. Industrial machine industry items include fluid transfer system components, gas compressors, and precision tungsten rods, among others.

Data Sources and Regulatory Actions:

The data analyzed in the FTA was sourced from various channels, including customer due diligence, transaction analysis, and independent research on transaction parties. The information reported to FinCEN is utilized by BIS for both enforcement investigations and regulatory actions. These actions may involve designating non-US parties to the BIS Entity List, which imposes strict license requirements for transactions subject to US export controls.

Sanctions Implications:

While the primary focus of the FTA is on suspected evasion of US export controls, it also references potential violations of US sanctions against Russia, administered by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). For instance, transactions involving sensitive items that include USD payments flowing through US banks’ correspondent accounts could lead to sanctions-related violations. Additionally, US persons providing professional and export-related services to Russia, even without exporting controlled items, may also risk sanctions violations.

In conclusion, the FinCEN FTA underscores the importance of vigilance in monitoring transaction and financial data to detect and prevent potential evasion attempts. Companies are encouraged to review the FTA for insights into compliance and risk mitigation strategies, as well as to remain informed about evolving export controls and sanctions regulations.

Your go-to for supply chain report news updates: The Supply Chain Report. For international trade tools, see ADAMftd.com.

#FinCEN #FinancialCrimes #RussiaEvasion #ExportControls #BSA #SuspiciousActivityReports #Compliance #USSanctions #SanctionsEnforcement #BureauOfIndustryAndSecurity #OFAC #ExportControlEvasion #USCompanies #ThirdCountryIntermediaries #ExportRiskMitigation #TransactionMonitoring #SensitiveItemsProcurement #GlobalSupplyChains #ExportControlCompliance

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.