FinCEN Prohibits Funds Transmittals to Russian Financial Institution Bitzlato

Summary

The US Financial Crimes Enforcement Network (FinCEN) is issuing a new order to prohibit financial institutions from transmitting funds to Bitzlato Limited, a Russian financial institution deemed a primary money laundering concern, due to its connection to Russian illicit finance. This action is taken under the Combating Russian Money Laundering Act, as amended by the National Defense Authorization Act for Fiscal Year 2022.