- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-07-08T16:33:00
The Financial Crimes Enforcement Network has issued an advisory on the types of coronavirus-related scams and schemes that financial institutions should be on alert for—for example, “mule money schemes”—and how and where to report such activity.
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FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
Testimony provided by several agencies before a U.S. Senate Judiciary Committee hearing offers valuable insights for chief compliance and risk officers regarding where coronavirus fraud threats may lurk, especially in the financial services and healthcare sectors.
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A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
