Alert is intended for financial institutions that need to monitor export control risks.
Among the risks, in particular, the following stand out:
Purchases under a letter of credit that are transferred to the issuing bank rather than to the actual end user.
Transactions involving entities with little or no online presence, including websites and emails.
Customer does not provide or refuses to provide detailed information to banks, shippers or third parties, including information about end users, intended end use or company ownership.
Transactions involving customers with telephone numbers whose codes do not correspond to the destination country.
The Alert also reminds that all financial institutions that are required to file a SAR may also file a SAR regardless of the amount (if any) and regardless of whether the transaction has been completed or attempted.