AML/BSA Industry Pandemic Resources
When a crisis arises, the increase in volume and speed of activity can cause many to act with less care and caution. This trend of rapid action opens a window of opportunity for scammers and fraudsters. In the midst of the COVID-19 pandemic that window has opened again. Many law enforcement organizations, industry groups and others are publishing information about the frauds and scams.
To help you access these resources, AML RightSource is curating a list of articles and other resources; many of the fact patterns are similar those we have seen during prior crises. These typologies are useful for internal training reminders and for customer safety reminders.
We will continue to update the list throughout the crisis.
The Financial Crimes Enforcement Network (FinCEN) has made available a Spanish language version of its Advisory on Medical Scams Related to the Coronavirus Disease 2019 (COVID-19), which was published on May 18, 2020.
Translated versions of other FinCEN COVID-19 advisories will follow.
Read the translated advisory here.
While fraud schemes are a constant in the industry, the COVID-19 pandemic is a reminder to be vigilant in the fight against financial crime.
Scammers are leveraging the COVID-19 pandemic to steal your money, your personal information, or both. Don’t let them. Protect yourself and do your research before clicking on links purporting to provide information on the virus
FinCEN requests financial institutions affected by the COVID-19 pandemic to contact FinCEN and their functional regulator as soon as practicable if a COVID-19-affected financial institution has concern about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports.
INTERPOL is encouraging the public to exercise caution when buying medical supplies online during the current health crisis, with criminals capitalizing on the situation to run a range of financial scams.
The Department of Justice is remaining vigilant in detecting, investigating, and prosecuting wrongdoing related to the crisis. In a memo to U.S. Attorneys, Attorney General Barr said, "The pandemic is dangerous enough without wrongdoers seeking to profit from public panic and this sort of conduct cannot be tolerated."
The FTC and FDA have jointly issued warning letters to seven sellers of unapproved and misbranded products, claiming they can treat or prevent the Coronavirus.
The FBI is warning the health care industry in particular of an increased potential for fraudulent activity dealing with the purchase of COVID-19-related medical equipment.
This notice updates the Financial Crimes Enforcement Network’s (FinCEN’s) March 16, 2020 COVID-19 Notice, provides additional information to assist financial institutions in complying with their Bank Secrecy Act (BSA) obligations during the COVID-19 pandemic, and announces a direct contact mechanism for urgent COVID-19-related issues.
Criminals continue to try to sucker people worried about the Covid-19 pandemic into making mistakes that infect their computer. According to security vendor Proofpoint, one of the latest is an email that pretends to be from the Public Health Agency of Canada.
As COVID-19 continues to spread globally, watch out for associated scams. Fraudsters want to profit from consumers' fears, uncertainties and misinformation. Fraudsters are exploiting the crisis to facilitate fraud and cyber crime.
Fake coronavirus health coverage and other insurance schemes are beginning to surface as scammers continue exploiting the pandemic for personal profit at consumer expense, warns the Coalition Against Insurance Fraud.