With the imposition of sweeping new sanctions on Russia and Belarus following the invasion of Ukraine, the Financial Crimes Enforcement Network has been issuing a series of alerts about efforts to evade these actions. Partners Constantine Lizas and Ross Hofherr explain what these alerts mean for financial institutions, which under the Bank Secrecy Act have obligations to conduct customer due diligence and monitor transactions for suspicious activity. “The alerts and their setting out of red flags for sanctions evasion will cause financial institutions to adjust, as appropriate, their policies, procedures and controls,” Constantine and Ross write. Click here to read their analysis. Constantine is partner in the Harris Beach Washington, D.C. office, while Ross is a partner in our New York City office.