Updated FinCEN Guidance Warns Banks About West Bank Violence Financing
The Treasury Department’s Financial Crimes Enforcement Network issued an updated alert last week -- building on a set of red flags the agency released in February (see 2402010053) -- to help banks identify transactions that may be funding Israeli extremist…
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violence against Palestinians in the West Bank. The alert includes more red flags that banks should monitor because they may signal a transaction is helping to finance violence in the region. Financial institutions that think a transaction may be tied to West Bank violence should submit a Suspicious Activity Report to FinCEN and reference the code “FIN-2024-WBEXTREMISM,” the agency said.