Treasury's Crime Unit Issues Alert for Financial Institutions Hit by California Wildfires
FinCEN says to act promptly to discuss delays in filing required Bank Secrecy Act reports.
The Treasury Department’s Financial Crimes Enforcement Network, FinCEN, said Monday that financial institutions affected by the California wildfires should contact FinCEN and their “functional regulator” to discuss any delays in their ability to file required Bank Secrecy Act reports.
Considering the “fluid nature of the various recovery efforts,” FinCEN said, financial institutions are also encouraged to keep FinCEN and regulators informed as their circumstances change.
FinCEN also reminded financial institutions about the potential for fraudulent transactions in the wake of disasters, and directed them to an advisory issued last year on how to spot frauds.
Institutions can contact FinCEN’s resource center at 1-800- 949-2732 and select option 8 or e-mail at FRC@fincen.gov.