Regulatory Alerts2023-09-08 | FIN-2023-Alert005Added
FinCEN Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering” (FIN-2023-Alert005)
FinCEN requests that U.S. financial institutions reference the key term “FIN-2023-PIGBUTCHERING” in SAR field 2 and the narrative, and select “Fraud-Other” with the description “Pig Butchering” under SAR field 34(z) when filing Suspicious Activity Reports related to this scam. The alert outlines specific behavioral, financial, and technical red flag indicators to assist institutions in identifying suspicious activity involving virtual currency investment fraud. It also reminds institutions of their BSA obligations to file SARs when transactions involve funds derived from illegal activity or are designed to facilitate criminal activity.