This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
02/26/2025
FinCEN urges financial institutions to ‘remain vigilant’ about relationship scams
ABA Banking Journal
The Financial Crimes Enforcement Network today issued a statement calling on financial institutions to remain vigilant regarding suspicious activity that may be indicative of relationship investment scams.
Earlier this month, the Commodity Futures Trading Commission launched the #DatingOrDefrauding national awareness effort to alert the public to relationship investment scams targeting U.S. residents. As part of that effort, FinCEN released a statement with links to existing alerts and advisories it previously issued for financial institutions on several types of relationship scams, including those involving elderly financial exploitation and check fraud.
FinCEN said financial institutions should use the specific Suspicious Activity Report filing instructions and key terms listed in the alerts and advisories. “SAR filings, along with effective [Bank Secrecy Act] compliance, are crucial to helping law enforcement detect, investigate and prosecute cases involving relationship investment scams,” the agency said.
More Info
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information