In This Issue:
- FEDERAL ISSUES
- STATE ISSUES
- FIRM NEWS
- CONSUMER FINANCE
- PRIVACY/DATA SECURITY
- CRIMINAL ENFORCEMENT
- Excerpt from Criminal Enforcement:
FinCEN Reminds Institutions about Tax Refund Fraud and SAR Filing. On February 26, FinCEN issued Advisory FIN-2013-A001 to remind financial institutions of their important role in identifying tax refund fraud and provide a list of red flags to aid in such identification. The Advisory also reminds institutions that they may be required to filed a SAR if they know, suspect or have reason to suspect that a transaction conducted or attempted by, at, or through the financial institution (i) involves funds derived from illegal activity or an attempt to disguise funds derived from illegal activity, (ii) is designed to evade regulations promulgated under the Bank Secrecy Act, or (iii) lacks a business or apparent lawful purpose. Institutions completing a tax refund fraud SAR should use the term "tax refund fraud" in the narrative section of the SAR and provide a detailed description of the activity, and are encouraged to notify their local IRS Criminal Investigation Field Office of the filed SAR.
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Topics: Attorney Generals, Fannie Mae, Federal Reserve, FinCEN, Fraud, FTC, HUD, Hurricane Sandy, Insurers, Interest Income, Mobile Apps, Mobile Devices, Mortgage Servicing Rules, NEP, Privacy-By-Design, Richard Cordray, SEC, Tax Refunds, Thomas Curry
Criminal Law Updates, Finance & Banking Updates, Privacy Updates, Residential Real Estate Updates, Securities Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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