Regulatory Alerts2020-10-13
Advisory on Unemployment Insurance Fraud During the COVID-19 Pandemic
The Financial Crimes Enforcement Network issued this advisory to alert financial institutions to unemployment insurance fraud schemes exploiting vulnerabilities created by the COVID-19 pandemic. The document details specific fraudulent activities, such as fictitious employer-employee fraud and identity theft, alongside a comprehensive list of financial red flag indicators to assist in detecting suspicious transactions. Financial institutions are instructed to file Suspicious Activity Reports using specific key terms and to provide detailed technical and personal data to support law enforcement investigations.
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