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FinCEN Issues Advisory to Financial Institutions on Recent Events related to the Departure of Victor Yanukovych and Other Ukrainian Officials
The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to U.S. financial institutions to remind them of their responsibility to take reasonable, risk-based steps regarding the potential suspicious movement of assets related to Viktor Yanukovych departing Kyiv and abdicating his responsibilities and other senior officials resigning from their positions or departing Kyiv. FinCEN is reminding U.S. financial institutions that they are required to apply enhanced scrutiny to private banking accounts held by or on behalf of senior foreign political figures and to monitor transactions that could potentially represent misappropriated or diverted state assets, the proceeds of bribery or other illegal payments, or other public corruption proceeds. The advisory can be viewed at http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2014-A001.pdf .
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