Inappropriate Seizure of EIP
The FinCEN advisory also discusses “red flag” indicators of financial crimes related to EIPs and provided exemplars of such crimes. The categories outlined are:
Fraudulent, altered, counterfeit, or stolen EIP checks and automated clearing house (ACH) deposits, and prepaid debit cards:
Depositing one or more checks seemingly issued by U.S. Treasury
Multiple EIP-related deposits for individuals other than the account holder, and the individuals named on the checks live outside the area and have no history with the bank
Multiple EIPs related to a prepaid debit card linked to the same address
Customer opens a new account with an EIP check or debit card, and the potential account holder is different than the depositor
Under the revamped whistleblower provision, a whistleblower can receive up to 30% of a penalty obtained through a BSA enforcement action. A whistleblower would qualify if the whistleblower provided original information and the action culminated in sanctions above $1 mil.
The government and a cybersecurity expert are warning about fresh stimulus payment scams.
The Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury that combats financial crimes, listed some of the most common Economic Impact Payment (EIP) fraud in a recent advisory.
The stimulus payments are the third and largest to date of the Coronavirus relief packages over the last 12 months. The government and a cybersecurity expert are warning about fresh stimulus payment scams.
Fraudulent checks: Fraudsters send fraudulent checks with instructions to call a number or verify information online. Then the bad guys ask for personal or banking information under the guise that the information is needed to receive or speed up their EIP, FinCEN s advisory said. The information is then used to commit crimes such as identity theft and the unauthorized access of bank accounts.
The Anti-Money Laundering Act of 2020 (AML Act) serves as the starting point for financial institutions and companies looking to understand what to expect from the Biden administration with respect.
Reporting beneficial owners of certain US companies: observations relevant to private client structures internationallawoffice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from internationallawoffice.com Daily Mail and Mail on Sunday newspapers.