On 2/2/2021, FinCEN issued their first advisory of the year, FIN-2021-A001, which focuses on COVID-19-related fraud involving the health care industry. The advisory contains descriptions of COVID-19-related fraud involving health care benefit programs and health insurance, associated financial red flag indicators, select case studies, and information on reporting suspicious activity. Of particular note, FinCEN requests financial institutions reference this new advisory in SAR field 2 (Filing Institution Note to FinCEN) and the narrative by including the following key term: “FIN-2021-A001” and select SAR field 34g (health care – public or private health insurance). Additional guidance for filing SARs appears near the end of this advisory.
The full FinCEN advisory can be found here.