BSA: Russian Sanctions & National Risk Assessments

In March 2022, the U.S. Department of the Treasury published National Risk Assessments (NRAs) on Money Laundering (NMLRA), Terrorist Financing (NTFRA), and Proliferation Financing (NPFRA).  These NRAs highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States.  They take into account changes to the risk environment resulting from the COVID-19 pandemic, ransomware, domestic violent extremism, corruption, the increased digitization of payments and financial services, and the enactment of significant new requirements to the U.S. anti-money laundering/countering the financing of terrorism (AML/CFT) framework.

Also, FinCEN issued two alerts this spring regarding BSA response to the Ukraine crisis.  This webinar will provide a good update on the new NRAs and how the Ukraine situation highlights some of the risk assessment issues.  You can use this session to update your BSA and OFAC programs for the current risk and understand how it all applies to Russia.