FinCEN Issues Alert on Financing of Hizballah
FinCEN recently issued an Alert (FIN-2024-Alert003) to help institutions identify Iran-backed Lebanese militia and Hizballah funding. The Alert supplements FinCEN’s prior 2024 Advisory on Iran-Backed Terrorist organizations.
The Alert notes that, while Hizballah has recently begun using convertible virtual currencies to support their activities, it continues to rely primarily on bulk cash smuggling. Various red flag indicators for Hizballah financing are provided.
Institutions are to indicate “IRANTF-2024-A001” in SAR Field 2 (Note to FinCEN) and the Narrative. Field 33(a) for known or suspected terrorist-financing should also be selected. If a link to Hizballah is known or suspected, institutions are to indicate “Hizballah” in Field 33z. Institutions looking to expedite their report of this activity should call the Toll-free hotline at (866) 556-3974.
Published
2024/10/30
Amy Kudlacek
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!