FinCEN republished certain FAQs that were previously published by the Small Business Administration that clarify how lenders can satisfy their Bank Secrecy Act requirements when issuing Paycheck Protection Program loans.
News & Insights
6 News Results
FinCEN Director Kenneth Blanco reviewed (i) recent trends in pandemic-related fraudulent activity, (ii) FinCEN's response and (iii) recent rulemakings and alerts aimed at combating cyber threats.
FinCEN alerted financial institutions to indicators of COVID-19-related cybercrime. The alert concerns (i) the exploitation of remote platforms, particularly against financial and healthcare systems, (ii) phishing, malware and extortion schemes, and (iii) business email compromise fraud.
FinCEN alerted financial institutions to potential indicators of pandemic-related imposter scams and money mule schemes.
FinCEN issued updated guidance and clarifications to encourage disbursal of funds under the Coronavirus Aid, Relief and Economic Security Act.