FinCEN warns of fake U.S. passport cards used to commit fraud
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.
Related articles
-
News BriefU.S. BOI efforts earn it upgraded rating from FATF
The United States’s progress on implementing the beneficial ownership information reporting requirements contained within the Corporate Transparency Act earned it praise from the intergovernmental Financial Action Task Force.
-
News BriefFinCEN alert flags Israeli extremists fomenting violence in West Bank
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
-
PremiumAML pros say tech, not hiring, will keep them ahead of financial crime
A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
More from Risk Management
-
ArticleRapid regulatory change requires investment in compliance processes in financial services firms
Geopolitical instability and a general focus on increasing growth and productivity by governments worldwide are causing a slew of regulatory changes in the financial services sector. But most firms are failing to identify potential compliance changes early enough to make meaningful decisions.
-
ArticleCompliance should protect firms from AI-washing investigations and insurance claims
Insurance firms are warning that AI-washing could trigger a slew of cases against directors, and are adjusting their directors’ and officers’ liability premiums accordingly. With regulators cracking down on AI-washing, compliance could be a crucial line of defense and save companies on their insurance costs.
-
News BriefAI hallucinations in Deloitte Australia report highlight important role for compliance
“Hallucinatory” citations and errors in an AI-assisted report produced by Deloitte for the Australian government should be a wake-up call for compliance officers about the risks of placing too much trust in AI.