FinCEN/BSA

Has FinCEN issued any advisories related to COVID-19 scams?

Yes. The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert financial institutions regarding rising medical scams related to the COVID-19 pandemic. This advisory contains red flags, descriptions of COVID-19 related medical scams, and information on reporting suspicious activity. This is the first of several advisories FinCEN intends to issue concerning financial crimes related to the COVID-19 pandemic. FinCEN also issued a companion notice that provides detailed filing instructions for financial institutions, which will serve as a reference for future COVID-19 advisories.

What if COVID-19 disrupts a credit union's ability to file timely BSA reports?

FinCEN requests credit unions affected by the COVID-19 pandemic to contact FinCEN and the NCUA as soon as practicable if a credit union has concern about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports. FinCEN also advises financial institutions to remain alert about malicious or fraudulent transactions similar to those that occur in the wake of natural disasters.

Source: FinCEN Statement