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Cannabis-related AML indicators from FINTRAC

FINTRAC publishes indicators on the laundering of proceeds from illicit cannabis in support of Project Legion News Release September 28, 2022, Ottawa Ontario FINTRAC published today its latest Operational Alert, Laundering of Proceeds from Illicit Cannabis, in support of Project Legion. This Operational Alert is meant to assist businesses subject […]

From the FinCEN Kleptocracy/Public Corruption Advisory: Red Flags

FinCEN has identified the following financial red flag indicators to assist financial institutions in detecting, preventing, and reporting suspicious transactions associated with kleptocracy and foreign public corruption. Because no single financial red flag indicator is determinative of illicit or suspicious activity, financial institutions should consider the relevant facts and circumstances […]

From the recent FinCEN Alert: Sanctions Evasion using crypto red flags

Select Red Flag Indicators A customer’s transactions are initiated from or sent to the following types of Internet Protocol (IP) addresses: non-trusted sources; locations in Russia, Belarus, FATF-identified jurisdictions with AML/CFT/CP deficiencies,19 and comprehensively sanctioned jurisdictions; or IP addresses previously flagged as suspicious. A customer’s transactions are connected to CVC […]

From the recent FinCEN Alert: Sanctions Evasion Red Flags

Select Red Flag Indicators Use of corporate vehicles (i.e. legal entities, such as shell companies, and legal arrangements) to obscure (i) ownership, (ii) source of funds, or (iii) countries involved, particularly sanctioned jurisdictions. Use of shell companies to conduct international wire transfers, often involving financial institutions in jurisdictions distinct from […]