From Fake Vaccines To Counterfeit Goods: Money Laundering In Plain Sight

Explore the new FinCEN notice about COVID-19 scams. Learn how to update your policies and procedures.

On December 28, The Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) published a notice asking financial institutions to “stay alert to COVID-19 vaccine-related scams and cyberattacks.” They have seen a dramatic increase in these crimes, including ransomware targeting vaccine research and delivery operations.

You need to explore the details of these malevolent actions and update your policies and procedures to combat them. Beyond even the initial fraud they represent, these crimes involve money laundering, corruption, human trafficking, sanctions evasion, and terrorist finance. By understanding the risk indicators, you can leverage analytics and gap analysis to detect potentially high-risk customers/members, products, and transactions.

• How are vaccine scams unfolding? How can you identify them?
• How are criminals using ransomware to exploit the vaccine supply chain?
• What are the risks involved in the sale of counterfeit goods?
• Who are the illicit actors involved?
• What are the red flags of high-risk transactions?
• What are the new SAR filing instructions for vaccine concerns?

• Compliance officers
• Auditors
• Investigators
• Legal and support staff
• Law enforcement