Financial Crimes Enforcement Network (FinCEN) released a notice on May 18, 2020 in response to reporting requirements as they relate to COVID-19.

The COVID-19 pandemic has left many of us vulnerable. It is important now more than ever to report suspicious activity to combat financial crimes.

BSA REPORTING OBLIGATIONS

FinCEN expects financial institutions to adhere to their Bank Secrecy Act (BSA) obligations and file reports in a timely manner. If a financial institution would like to express their business-related COVID-19 concerns, go to www.FinCEN.gov, click on “Need Assistance,” and select “COVID19” in the subject drop-down list.

SAR FILING INSTRUCTIONS

Financial institutions should still file a Suspicious Activity Report (SAR) as it normally would. During the pandemic, FinCEN has noticed an uproar of financial institutions stating their COVID-19-related challenges in the notes section. It is important to only state information as it relates to the suspicious activity.

PROVISION OF SAR SUPPORTING DOCUMENTATION TO LAW ENFORCEMENT AND FINCEN

When a financial institution files a SAR, it must include any information and documentation as it pertains to the suspicious activity. Financial institutions are required to keep the SAR and any supporting documentation for up to five years.

REPORTING COVID-19-RELATED CRIMINAL ACTIVITY

If a financial institution suspects criminal activity, report it to the correct agency:

COVID-19-Related Fraud Schemes – National Center for Disaster Fraud (NCDF) – (866) 720-5721

Cyber-and Internet-Related Crime –  National Cybersecurity Communications and Integration Center (NCCIC)

Identity Theft and Fraud – The Federal Trade Commission and Social Security Administration fraud hotline 1 (800) 269-0271

Federal Tax Fraud – Treasury Inspector General for Tax Administration

For more information regarding FinCEN’s COVID-19-related reporting requirements, contact frc@fincen.gov.  

RECOMMENDED TRAINING COURSES

Additional Courses Available