BSA/AML

FinCEN issues advisory on COVID-19 and imposter and money mule schemes

By Peter D. Hardy, Priya Roy & Terence M. Grugan on July 8, 2020

Posted in BSA/AML, COVID-19, Identity Theft

The Financial Crimes Enforcement Network (“FinCEN”) just issued another Advisory pertaining to two consumer fraud schemes exacerbated by the COVID-19 pandemic. This Advisory focuses on “imposter schemes” and “money mule schemes, ”which we discuss below.

This most recent Advisory is the latest in a string of pronouncements relating to the pandemic by FinCEN, which has…

Ballard Spahr to conduct April 20 webinar on anti-money laundering issues and COVID-19

By Barbara S. Mishkin on April 13, 2020

Posted in BSA/AML, COVID-19, Regulatory and Enforcement

The COVID-19 pandemic has created a perfect storm for money laundering and fraud. Financial institutions subject to the Bank Secrecy Act are facing increased incidents of fraud and must catch and report suspicious or illegal activity while juggling financial concerns and trying to work remotely. The pandemic also will expose existing incidents of fraud—and…