In a report today, the Financial Crimes Enforcement Network stated it had the ability to determine 10s of billions of dollars in suspicious activity by Russian oligarchs thanks in big part to filings from U.S. depository organizations. The company analyzed Bank Secrecy Act reports from March to October including Russian oligarchs, high-ranking authorities and approved people. It determined 454 reports detailing suspicious activity, consisting of the motion of funds around the start of the intrusion of Ukraine in February, the purchase of high-value products and the motion of accounts from Russia to other nations.
FinCEN kept in mind that 78% of the 454 BSA reports were submitted by depository organizations. Other kinds of banks—such as holding business or monetary innovation business—sent approximately 19% of reports, primarily on suspicious electronic funds transfers or wire transfers and suspicions worrying the source of funds.
“BSA reporting provides substantial support for U.S. government efforts to track, freeze and seize assets of Russian oligarchs, elites and their proxies,” stated FinCEN Acting Director Himamauli Das. “These targets tend to be extremely sophisticated at money laundering and illicit finance, and the U.S. government will continue to leverage BSA reporting to investigate and counter their illicit networks. This financial trend analysis is just another reminder of the critical role that financial institutions play in helping protect the U.S. financial system from illicit activities.”