FinCEN ENCOURAGES FINANCIAL INSTITUTIONS TO COMMUNICATE CONCERNS RELATED TO COVID-19 AND TO REMAIN ALERT TO RELATED ILLICIT FINANCIAL ACTIVITY

A news release from FinCEN on 16 March advised that financial institutions are encouraged to keep FinCEN and their functional regulators informed as their circumstances change; and advises financial institutions to remain alert about malicious or fraudulent transactions similar to those that occur in the wake of natural disasters.  FinCEN is monitoring public reports and reports filed with it of potential illicit behaviour connected to COVID-19 and listed several emerging trends – imposter scams (fake charities etc), investment scams (including in virus-related products), product scams (including products claiming to cure or assist with the virus) and insider trading.

https://www.fincen.gov/news/news-releases/financial-crimes-enforcement-network-fincen-encourages-financial-institutions

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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