Regulatory Alerts2021-02-02
Advisory on COVID-19 Health Insurance- and Health Care-Related Fraud
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to alert financial institutions to fraud schemes targeting health insurance programs and COVID-19 relief funds. The document details specific red flag indicators, such as unnecessary medical services, billing irregularities, and suspicious relief fund transactions, to help institutions detect and prevent illicit activity. FinCEN further instructs institutions to reference this advisory in Suspicious Activity Reports to facilitate the identification and reporting of these crimes.
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