FinCEN Advisory and Notice on Financial Crimes Targeting COVID-19 Economic Impact Payments | Foley & Lardner LLP
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 ca...
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