- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-04-16T16:59:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
FinCEN, in coordination with the State Department’s Diplomatic Security Service, issued a notice Monday highlighting red flags to identify and report suspicious activity and remind financial institutions of their reporting obligations under the Bank Secrecy Act (BSA).
Andrea Gacki, the director of FinCEN, noted in a press release a “concerning increase” in the use of U.S. passport cards by illicit actors to impersonate and defraud individuals at financial institutions.
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