Regulatory Alerts2024-07-16 | FinCEN Notice FIN-2024-NTC2Added
FinCEN, OFAC, and FBI Joint Notice on Timeshare Fraud Associated with Mexico-Based Transnational Criminal Organizations
FinCEN requests that financial institutions reference the key term “FIN-2024-NTC2” and the term “TimeshareMX” in Suspicious Activity Report (SAR) field 2 and field 34(z) when reporting timeshare fraud associated with Mexico-based transnational criminal organizations. The notice urges financial institutions to be vigilant in detecting, identifying, and reporting fraud schemes targeting U.S. owners of timeshare properties in Mexico, particularly older adults. It provides an overview of methodologies, financial typologies, and red flag indicators to assist institutions in complying with Bank Secrecy Act reporting requirements.