FinCEN Issues Statement on BSA Reporting, Illicit Activity in Wake of Coronavirus Pandemic

The Financial Crimes Enforcement Network today reminded banks to communicate promptly with FinCEN and their primary regulator if they experience delays in filing Bank Secrecy Act reports due to the coronavirus pandemic.

FinCEN also urged banks to be on alert for potential scams or fraudulent transactions connected to COVID-19. The agency said it has identified several emerging trends related to imposter scams, investment scams, product scams and insider training as concerns about the coronavirus have intensified.

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