Advisory on Medical Scams Related to COVID-19 and Companion Notice Filing Instructions

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financialcrimesenforcementnetwork

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to 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. 

FinCEN analyzes COVID-19-related information obtained through public reports, Bank Secrecy Act (BSA) data, and law enforcement partners. FinCEN will issue financial analyses and intelligence, as appropriate, to financial institutions to help them detect, prevent, and report suspected illicit activity. 

Click here for the medical scam advisory.

Click here for the reference notice.

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