Home/Source documents/about any potential delays in its ability to file required Bank Secrecy Act (BSA) repor…
about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports. Financial
Date
2021-05-07
Full text
EXHIBIT 75
Case 1:20-cv-00658-LMB-IDD Document 131-10 Filed 05/07/21 Page 1 of 4 PageID#
2045
Immediate Release:
The Financial Crimes Enforcement
Network (FinCEN) Encourages Financial
Institutions to Communicate Concerns
Related to the Coronavirus Disease
2019 (COVID-19) and to Remain Alert to
Related Illicit Financial Activity
March 16, 2020
On March 13, 2020, President Trump declared a National Emergency in response to COVID-19.[1]
FinCEN requests financial institutions affected by the COVID-19 pandemic to contact FinCEN and their
functional regulator as soon as practicable if a COVID-19-affected financial institution has concern
about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports. Financial
institutions seeking to contact FinCEN should call FinCEN’s Regulatory Support Section (RSS) at 1-800-
949-2732 and select option 6 or e-mail at FRC@fincen.gov (mailto:FRC@fincen.gov). FinCEN’s RSS will
continue to be available to support financial institutions for the duration of the COVID-19 pandemic.
Financial institutions are encouraged to keep FinCEN and their functional regulators informed as their
circumstances change.
FinCEN also advises financial institutions to remain alert about malicious or fraudulent transactions
similar to those that occur in the wake of natural disasters. FinCEN is monitoring public reports and
BSA reports of potential illicit behavior connected to COVID-19 and notes the following emerging
trends:
1. Imposter Scams – Bad actors attempt to solicit donations, steal personal information, or distribute
malware by impersonating government agencies (e.g., Centers for Disease Control and Prevention),
international organizations (e.g., World Health Organization (WHO)[2]), or healthcare organizations.
2. Investment Scams – The U.S. Securities and Exchange Commission (SEC) urged investors to be wary
of COVID-19-related investment scams, such as promotions that falsely claim that the products or
services of publicly traded companies can prevent, detect, or cure coronavirus.[3]
3. Product Scams – The U.S. Federal Trade Commission (FTC) and U.S. Food and Drug Administration
(FDA) have issued public statements and warning letters to companies selling unapproved or
misbranded products that make false health claims pertaining to COVID-19.[4] Additionally, FinCEN
has received reports regarding fraudulent marketing of COVID-19-related supplies, such as certain
facemasks.
4. Insider Trading – FinCEN has received reports regarding suspected COVID-19-related insider
trading.
The Financial Crimes Enforcement Network (FinCEN) Encourages Financial Institutions to Commun...
https://www.fincen.gov/news/news-releases/financial-crimes-enforcement-network-fincen-encourage...
Case 1:20-cv-00658-LMB-IDD Document 131-10 Filed 05/07/21 Page 2 of 4 PageID#
2046
In addition, please see FinCEN’s advisory, FIN-2017-A007 “Advisory to Financial Institutions Regarding
Disaster-Related Fraud” (October 31, 2017) for descriptions of other relevant typologies, such as
benefits fraud, charities fraud, and cyber-related fraud.[5] For suspected suspicious transactions
linked to COVID-19, along with checking the appropriate suspicious activity report-template (SAR-
template) box(es) for certain typologies, FinCEN also encourages financial institutions to enter
“COVID19” in Field 2 of the SAR-template.
Financial institutions are encouraged to review information from other relevant functional regulators
as updates are available. FinCEN will continue to monitor this situation and will release updated
information for financial institutions as appropriate.
[1] Remarks by President Trump, Vice President Pence, and Members of the Coronavirus Task Force in
Press Conference: https://www.whitehouse.gov/briefings-statements/remarks-president-trump-vice-
president-pence-members-coronavirus-task-force-press-conference-3/
(https://www.whitehouse.gov/briefings-statements/remarks-president-trump-vice-president-pence-
members-coronavirus-task-force-press-conference-3/).
[2] WHO statement concerning imposter scams: https://www.who.int/about/communications/cyber-
security (https://www.who.int/about/communications/cyber-security).
[3] SEC Notice on COVID-19 related investment scams: https://www.sec.gov/oiea/investor-alerts-and-
bulletins/ia_coronavirus (https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_coronavirus).
[4] FTC and FDA joint updated statement concerning product scams:
https://www.consumer.ftc.gov/blog/2020/03/ftc-fda-warnings-sent-sellers-scam-coronavirus-
treatments (https://www.consumer.ftc.gov/blog/2020/03/ftc-fda-warnings-sent-sellers-scam-
coronavirus-treatments).
FDA statement concerning product scams: https://www.fda.gov/consumers/health-fraud-
scams/fraudulent-coronavirus-disease-2019-covid-19-products
(https://www.fda.gov/consumers/health-fraud-scams/fraudulent-coronavirus-disease-2019-covid-19-
products).
[5] FIN-2017-A007- Advisory to Financial Institutions Regarding Disaster-Related Fraud (October 31,
2017): https://www.fincen.gov/sites/default/files/advisory/2017-10-31/FinCEN%20Advisory%20FIN-
2017-A007-508%20Compliant.pdf (https://www.fincen.gov/sites/default/files/advisory/2017-10-
31/FinCEN%20Advisory%20FIN-2017-A007-508%20Compliant.pdf).
The Financial Crimes Enforcement Network (FinCEN) Encourages Financial Institutions to Commun...
https://www.fincen.gov/news/news-releases/financial-crimes-enforcement-network-fincen-encourage...
Case 1:20-cv-00658-LMB-IDD Document 131-10 Filed 05/07/21 Page 3 of 4 PageID#
2047
Case 1:20-cv-00658-LMB-IDD Document 131-10 Filed 05/07/21 Page 4 of 4 PageID#
2048