FinCEN have released an alert warning to US financial institutions to remain vigilant of the ‘nationwide surge in mail theft-related check fraud schemes targeting the U.S mail’.
The alert provides guidance on:
- Emerging trends, risks, and vulnerabilities regarding the fraud schemes;
- Typologies of the fraud schemes and associated money laundering;
- Filing SARs regarding the fraud schemes;
- Red flags assisting in the suspicious activity identification and reporting processes;
- FI’s reporting requirements as obligated under the Bank Secrecy Act [BSA].
US Financial institutions should take note of the alert and remain vigilant of the identified threats when conducting their operations.