The Financial Crimes Enforcement Network issued an advisory urging financial institutions to be vigilant about health care fraud schemes targeting government health care benefit programs such as Medicare and Medicaid.
Details: FinCEN said the advisory:
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Provides financial institutions with an overview of how fraudsters, organized crime groups, and transnational criminal organizations are targeting government health care benefit programs.
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Highlights money laundering typologies and red flags to help financial institutions identify and report suspicious activity.
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Strongly encourages financial institutions to voluntarily report suspicious activity to FinCEN and immediately notify law enforcement of such activity.
Resources for Community Bankers: More information on frauds and scams can be found on ICBA’s website.