FinCEN warns of vaccine scams; NCUA considers SAR exemptions

by Nick St. John, NAFCU Compliance Blog

We’re well into January 2021 now, but there were a few developments relating to the Bank Secrecy Act (BSA) that snuck in around the holidays at the end of 2020. Let’s look back at two of them:

FinCEN’s Notice on Vaccine Scams

On December 28, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a notice to financial institutions regarding possible fraud and other criminal activity relating to a COVID-19 vaccine. The FBI and other federal agencies had previously warned the public about vaccine-related scams, including possible indicators of fraudulent activity.

The FinCEN notice warns about a host of potential illegal activity, including:

 

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