FinCEN Offers Guidance to Victims of Cyber-Enabled Financial Crime

In a new fact sheet, FinCEN described how its Rapid Response Program ("RRP") "helps victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crime schemes, including business e-mail compromise." FinCEN provided a flowchart detailing the complaint process to activate the RRP including the type of information to provide to law enforcement. The fact sheet also includes guidance for financial institutions filing suspicious activity reports in connection with victims' use of the RRP.

FinCEN explained that the RRP is a partnership that includes FinCEN, U.S. law enforcement and foreign partners that serve as financial intelligence units ("FIU") in their respective jurisdictions. FinCEN said it uses its authority to share information and collaborate with foreign authorities to block fraudulent transactions, freeze funds, and stop and recall payments. The RRP has been used in 70 jurisdictions, has recovered more than $1.1 billion and has the capacity to expand to 90 additional jurisdictions through FIU channels.