The Financial Crimes Enforcement Network today issued a statement calling on financial institutions to remain vigilant regarding suspicious activity that may be indicative of relationship investment scams.
Earlier this month, the Commodity Futures Trading Commission launched the #DatingOrDefrauding national awareness effort to alert the public to relationship investment scams targeting U.S. residents. As part of that effort, FinCEN released a statement with links to existing alerts and advisories it previously issued for financial institutions on several types of relationship scams, including those involving elderly financial exploitation and check fraud.
FinCEN said financial institutions should use the specific Suspicious Activity Report filing instructions and key terms listed in the alerts and advisories. “SAR filings, along with effective [Bank Secrecy Act] compliance, are crucial to helping law enforcement detect, investigate and prosecute cases involving relationship investment scams,” the agency said.
