On 2/24/2021, the Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN-2021-A002 that discusses detecting, and reporting financial crimes related to Economic Impact Payments. The advisory contains descriptions of EIP fraud, 14 associated red flag indicators, and information on reporting suspicious activity, and is part of a series published by FinCEN on COVID-19-related frauds and criminal activity.

Specific to SAR filings, FinCEN requests that s financial institutions reference this advisory in SAR field 2 (Filing Institution Note to FinCEN) and the narrative by including the following key term: “FIN-2021-A2002” and select SAR field 34(z) (Fraud - other).

The full FinCEN Advisory can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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