FinCEN issues advisory to combat terrorist financing of ISIS

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) recently published an Advisory aimed at preventing financial institutions from financing terrorism and, in particular, the Islamic State of Iraq and Syria (“ISIS”).  The Advisory was issued to help financial institutions identify and report suspicious activity related to the financing of ISIS and its global affiliates by providing institutions with red flags that are indicative of ISIS-related financial activity.  The Advisory also addresses methods used by ISIS to collect and secure funds, including the receipt of funds from sympathizers around the world, and the typologies used to transfer funds between its affiliates.  FinCEN Director Andrea Gacki also urged financial institutions to remain vigilant in their efforts to identify ISIS funding streams, as the organization looks for ways to grow by taking advantage of instability in Syria and other jurisdictions.

FinCEN News Release | Advisory