Updated FinCEN Guidance Warns Banks About West Bank Violence Financing

The Treasury Department’s Financial Crimes Enforcement Network issued an updated alert last week -- building on a set of red flags the agency released in February (see 2402010053) -- to help banks identify transactions that may be funding Israeli extremist violence against Palestinians in the West Bank. The alert includes more red flags that banks should monitor because they may signal a transaction is helping to finance violence in the region. Financial institutions that think a transaction may be tied to West Bank violence should submit a Suspicious Activity Report to FinCEN and reference the code “FIN-2024-WBEXTREMISM,” the agency said.