Regulatory Alerts2024-12-18 | FIN-2024-Alert005Added
FinCEN Alert on Fraud Schemes Abusing FinCEN’s Name, Insignia, and Authorities for Financial Gain (FIN-2024-Alert005)
FinCEN alerts financial institutions and the public to fraud schemes exploiting the Corporate Transparency Act’s beneficial ownership information (BOI) reporting, the Money Services Business (MSB) registration tool, and impersonation of FinCEN personnel. The alert clarifies that BOI filing is currently suspended nationwide due to a preliminary injunction and that MSB registration does not constitute government approval or licensing. Financial institutions are requested to file Suspicious Activity Reports referencing FIN-2024-Alert005 and to urge customers to avoid paying fees for BOI filings or false claims of FinCEN endorsement.