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.

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