ACAMS News: FinCEN Director Discusses COVID-19 Fraud Schemes, Suspicious Activity Reports

ACAMS News: FinCEN Director Discusses COVID-19 Fraud Schemes, Suspicious Activity Reports. “U.S. financial institutions have filed more than 91,000 SARs on potentially illicit payments related to the novel coronavirus pandemic since February, Ken Blanco, director of the Financial Crimes Enforcement Network, said Tuesday. The bureau has also received ‘hundreds of inquiries’ related to anti-money laundering compliance issues during the pandemic, including questions about the Paycheck Protection Program, or PPP, a $669 billion federal relief package designed to help struggling businesses pay their employees, Blanco told attendees of the ACAMS Virtual Las Vegas Conference.”

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