Regulatory Alerts2020-08-18
Advisory on Impostor Scams and Money Mule Schemes Related to the 2019 Novel Coronavirus Disease (COVID-19) (FinCEN Advisory FIN-2020-A003 Spanish)
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to alert financial institutions to a rise in COVID-19-related impostor scams and money mule schemes, providing specific definitions, warning signs, and case examples. The document mandates that institutions file Suspicious Activity Reports (SARs) citing the advisory code "COVID19 MM FIN-2020-A003" and selecting specific fraud categories to facilitate law enforcement tracking. It further details red flags for impersonating government agencies or charities and outlines the roles of involuntary, knowing, and accomplice money mules exploited during the pandemic.
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