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FinCEN Issues Advisory on COVID-19 Related Medical Scams Transactional Red Flags for your Suspicious Activity Monitoring Program

Abrigo

FinCEN issued an advisory on May 18, 2020 to alert financial institutions to medical scams related to the COVID-19 pandemic as well as new SAR key terms for reporting these scams. Crisis Business Membership Strategy in 2020: Adapting Technology and Executing in the New Normal. Learn More. C&I Loans. Lending & Credit Risk.

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Red Flags for COVID-19 Related Fraud – What You Need to Know

Abrigo

The advisories were issued May 18, July 7, and July 30, 2020, showing the fluidity of the scams in this unprecedented time. Money mule schemes consist of bad actors recruiting individuals to transfer illegally acquired money on behalf of the fraudsters, typically using multiple accounts (i.e.

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Form 944: Instructions and Who Needs to File It

Fundera

This being said, the deadline to file Form 944 is January 31 for the previous tax year—the return covering the 2019 year, therefore, would be due January 31, 2020. Your deposit schedule will depend on the size of your business’s tax liability and must be made by electronic funds transfer.

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Consumer Lending Compliance: Hot-Button Issues to Monitor

Abrigo

Regulation E, implementing the Electronic Funds Transfer Act (EFTA). Consumer Lending Compliance under Reg Z Violations of TILA/Reg Z were among the most frequently cited violations in 2020, according to the FDIC’s March 2021 Consumer Compliance Supervisory Highlights.

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FinCEN Red Flags for Economic Impact Payment Fraud

Abrigo

Financial institutions can help their communities by keeping EIP fraud top of mind and using a risk-based approach when monitoring transaction accounts for suspicious activity. FinCrime monitoring. Red flags for EIP fraud. Other frauds and thefts occurring in an account receiving EIPs.