FinCEN Issues Advisory on Financial Crimes Targeting COVID-19 Economic Impact Payments and a Companion Notice Providing Filing Instructions for Financial Institutions

February 24, 2021 / Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions to fraud and other financial crimes related to Economic Impact Payments (EIPs), authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The advisory contains descriptions of EIP fraud, associated red flag indicators, and information on reporting suspicious activity. It is part of a series published by FinCEN on COVID-19-related frauds and criminal activity.

In addition, FinCEN issued a companion notice that consolidates COVID-19 key terms and instructions for financial institutions filing Suspicious Activity Reports related to COVID-19.