The head of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a reminder in a congressional committee of two alerts related to recent sanctions imposed on Russia that provide financial institutions with information about red flags and typologies that include several trade-based channels for shifting corrupt proceeds.

But FinCEN’s acting director, Himamauli Das, also told the committee that limited resources have presented significant challenges to his organisation meeting the implementation requirements of significant new anti-money laundering and counter financing of terrorism (AML/CFT) legislation introduced in the last two years.

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