FinCEN has issued an advisory to alert all 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 has also issued a companion notice providing 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.
Read more about the medical scam advisory here.
Read more about the reference notice here.