FinCEN alert flags Hamas terrorist financing indicators
By 
Kyle Brasseur2023-10-23T16:49:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.
The alert from FinCEN, published Friday, follows two weeks of conflict initiated by a Hamas attack on Israel that left more than 1,000 civilians wounded, killed, or taken hostage. The U.S. Department of State has viewed Hamas as a foreign terrorist organization since 1997; the group is already subject to counterterrorism-geared sanctions by the Treasury’s Office of Foreign Assets Control (OFAC).
FinCEN said it is working with foreign counterparts to deny Hamas the ability to raise and use funds worldwide. The agency listed the following red flag indicators related to the group’s terrorist financing activity:
Related articles
-
News BriefFinCEN alert flags Israeli extremists fomenting violence in West Bank
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
-
News BriefOFAC sanctions more investment entities linked to Hamas
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
-
News BriefFinCEN rule proposal labels CVC mixing a primary money laundering concern
The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.
More from Risk Management
-
PremiumTop compliance challenges facing the food and beverage industry
New regulations, changing consumer demands, and global supply chain disruptions – from cost-of-goods inflation to tariffs to raw material shortages, and more – are just a few top challenges reshaping the operations of food and beverage industry today. “These challenges are no longer just logistical—they implicate sourcing risk, contract performance, ...
-
PremiumStudy: Compliance managers must set rules in race to adopt AI agents and copilots
More than half of all compliance teams are “actively using” or “piloting” AI applications, according to a Moody’s report. While most are focusing on streamlining routine tasks, some are developing AI agents and asking vital questions about AI decision-making.
-
PremiumThanks to 'laser focus' on cartels, Trump admin creates new corporate risks in Mexico
The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.