Regulatory Alerts2016-09-06 | FinCEN Advisory - FIN-2016-A003Added
Advisory to Financial Institutions on E-Mail Compromise Fraud Schemes
The document defines Business E-mail Compromise (BEC) and E-mail Account Compromise (EAC) schemes and provides red flags for financial institutions to identify unauthorized wire transfers. It requires U.S. financial institutions to report suspected BEC or EAC fraud via Suspicious Activity Reports (SARs), regardless of whether the scheme was successful or caused actual loss. Financial institutions must include specific key terms, "BEC FRAUD" or "EAC FRAUD," in the SAR narrative and field 31(z) and provide detailed transactional and cyber-related information to assist law enforcement in fund recovery.