Regulatory Alerts2020-05-18 | FinCEN Notice FIN-2020-NTC3Added
Notice Related to the Coronavirus Disease 2019 (COVID-19)
Financial institutions must not include pandemic-related challenges in Suspicious Activity Report narratives unless tied to suspicious activity, though previously filed reports with such references do not require correction. Institutions are required to maintain SAR supporting documentation for five years and provide it promptly upon request from FinCEN or law enforcement, verifying the requester's identity. The notice directs reporting of COVID-19-related fraud to specific agencies including the National Center for Disaster Fraud hotline, the FBI’s IC3, and the U.S. Secret Service. FinCEN has temporarily expanded its Rapid Response Program to assist in recovering funds stolen via fraud or cybercrime related to the pandemic.
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