FinCEN Reporting Requirements Related to COVID-19
Financial Crimes Enforcement Network (FinCEN) released a notice on May 18, 2020 in response to reporting requirements as they relate to COVID-19.
The COVID-19 pandemic has left many of us vulnerable. It is important now more than ever to report suspicious activity to combat financial crimes.
FinCEN expects financial institutions to adhere to their Bank Secrecy Act (BSA) obligations and file reports in a timely manner. If a financial institution would like to express their business-related COVID-19 concerns, go to www.FinCEN.gov, click on “Need Assistance,” and select “COVID19” in the subject drop-down list.
Financial institutions should still file a Suspicious Activity Report (SAR) as it normally would. During the pandemic, FinCEN has noticed an uproar of financial institutions stating their COVID-19-related challenges in the notes section. It is important to only state information as it relates to the suspicious activity.
When a financial institution files a SAR, it must include any information and documentation as it pertains to the suspicious activity. Financial institutions are required to keep the SAR and any supporting documentation for up to five years.
If a financial institution suspects criminal activity, report it to the correct agency:
COVID-19-Related Fraud Schemes
Cyber-and Internet-Related Crime
Identity Theft and Fraud
Federal Tax Fraud
For more information regarding FinCEN’s COVID-19-related reporting requirements, contact firstname.lastname@example.org.