Fintech

US outlines ‘red flags’ for crypto firms to stop Russia sanction evasion

The Financial Crimes Enforcement Network has put the sector on alert over what it considers suspicious activity

The US Treasury Department is warning financial institutions and cryptocurrency firms to be on the lookout for attempts to evade sanctions and other restrictions imposed as a result of Russia's ongoing invasion of Ukraine.

The Financial Crimes Enforcement Network, an anti-money-laundering agency within the Treasury, issued an alert on 7 March that includes red flags to help financial institutions identify potential sanctions-evasion efforts and to remind them to quickly report any suspicious activities.

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