Regulatory Alerts2023-08-15 | FinCEN Notice FIN-2023-NTC1Added
FinCEN Calls Attention to Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Sector
Financial institutions are requested to reference the key term "FIN-2023-NTC1" in SAR field 2 and the narrative when filing Suspicious Activity Reports related to payroll tax evasion and workers’ compensation fraud in the U.S. construction industry. Institutions must select SAR Field 34(z) (FRAUD-Other) and include the terms "Payroll tax evasion" and/or "workers compensation" in the associated text box. Additionally, filers of Form 8300 involving suspicious transactions relevant to this notice must select Box 1b and include the key term "FIN-2023-NTC1" in the Comments section.