Regulatory Alerts2021-02-24
Advisory on Financial Crimes Targeting COVID-19 Economic Impact Payments
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to alert financial institutions to fraud and theft schemes targeting Economic Impact Payments authorized by the CARES Act. The document details specific red flag indicators, such as the deposit of fraudulent or altered checks and rapid consolidation of funds, to help banks detect suspicious activity. FinCEN requires institutions to reference this advisory in Suspicious Activity Reports and select specific fraud codes to facilitate the reporting and investigation of these crimes.
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