1. COVID-19: Bank Secrecy Act Reporting Requirements and Suspicious Activity Reports

COVID-19: Bank Secrecy Act Reporting Requirements and Suspicious Activity Reports

$129.00
Veteran attorney Dr. Jim Castagnera will explain the recent critical shift in illegal activity. You will learn how to fulfill your BSA obligations, file suspicious activity reports, and play an essential role in stopping the criminals.
Event ID: 2612969
Recording: Unable to attend? A recording will be available after the presentation.
Date: Friday, September 11, 2020; 1 PM Eastern
Duration: Scheduled for 60 minutes including question and answer period.
Presenter: Dr. Jim Castagnera and Leo Castagnera

COVID-19: Bank Secrecy Act Reporting Requirements and Suspicious Activity Reports

Bank Secrecy Act officers have discovered that the COVID-19 pandemic has spawned all manner of scams, price gouging, and even terrorist activities. FinCEN Advisories reveal a dizzying array of fraudulent transactions, all aimed at taking unfair advantage of Uncle Sam, the financial industry, and vulnerable Americans.

For example:

  • Fraudulent cures, tests, vaccines, and other services
  • Non-delivery scams
  • Price gouging and hoarding of medical materials
  • Imposter scams in which the bad guys pretend to be government officials, NGOs, universities, or legitimate charities
  • Money-mule schemes, especially with unemployment compensation, in which one individual transfers ill-gotten money on behalf of another
  • Bitcoin boondoggles on behalf of terrorist organizations like ISIS

The Bank Secrecy Act requires your financial institution to identify and report these growing illegal schemes in suspicious activity reports.

  • How are BSA reporting obligations affected by COVID-19?
  • What federal relief legislation has changed the requirements?
  • What are some examples of suspicious activity reports related to the pandemic?
  • What best practices should you follow for completing pandemic-related SARs?

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