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Proposal of Special Measure Prohibiting the Transmittal of Funds Regarding Transactions Involving the A7 Network's Sub-Agents
Plain English Summary
FinCEN has proposed a new rule that affects financial institutions. It aims to stop money transfers involving companies linked to the A7 Network, which is known for helping evade sanctions and launder money, particularly in connection with Russian illegal activities. This means that any financial institution must avoid processing transactions that involve these companies. Agents should ensure they are aware of this rule and avoid any transactions that could be connected to the A7 Network.
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FinCEN is issuing a finding and notice of proposed rulemaking, pursuant to section 9714(a) of the Combating Russian Money Laundering Act (Public Law 116-283), as amended by section 6106(b) of the National Defense Authorization Act for Fiscal Year 2022 (Public Law 117-81), finding transactions involving any company operating outside of the United States that is controlled by the A7 Network, a sanctions evasion and money laundering service with ties to Russia, leveraged by a wide range of illicit actors, including Iran and its terrorist proxies, to be a class of transactions of primary money laundering concern in connection with Russian illicit finance and proposing the imposition of a prohibition on certain transmittals of funds, by any covered financial institution, involving that class of transactions.