FinCEN Announces REPO Task Force

REPO Task Force – FinCEN announced its efforts to support the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force. The task force aims to deny and disrupt illicit actors’ ability to deceptively access the international financial system and conduct economic activity. FinCEN is supporting Treasury’s efforts to boost cooperation and intelligence sharing by agreeing to increase information sharing with relevant authorities in task force member countries. FinCEN is also issuing a FinCEN Alert, which highlights the importance of financial institutions identifying and quickly reporting suspicious transactions by sanctioned Russian elites and their proxies that involve real estate, luxury goods, and high-value assets. 

FinCEN Issues Russia Related Alert

Russia Related Alert – FinCEN issued a second alert on 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 family members and those through which they act. This alert provides select red flags to assist financial institutions in identifying suspicious transactions and reminds financial institutions of their Bank Secrecy Act (BSA) reporting obligations.

Treasury Releases Money Laundering Risk Assessment

National Money Laundering Risk Assessment – The Treasury published its National Risk Assessment for Money Laundering, Terrorist Financing, and Proliferation Financing. The report identifies the most significant money laundering threats, vulnerabilities, and risks faced by the United States. It is based on a review of federal and state public sector analysis, enforcement actions, and guidance, as well as interviews with U.S. Department of the Treasury staff, intelligence analysts, law enforcement agents, and prosecutors.

NCUA Defines Service Facility

Service Facility – The NCUA published 22-FCU-02 Final Rule on Definition of Service Facility, which explains that shared locations are service facilities for purposes of multiple common-bond federal credit union additions of groups, regardless of whether the federal credit union has an ownership interest in the shared branching network providing the locations. Shared locations, including electronic facilities offering required services such as video teller machines, are also service facilities for purposes of multiple common-bond federal credit union additions of underserved areas, regardless of whether the federal credit union has an ownership interest.