This story appeared in Bank Digest.
The Financial Crimes Enforcement Network has issued an advisory highlighting loan modification/foreclosure rescue scams so that financial institutions may better assist law enforcement when filing Suspicious Activity Reports (SARs). The advisory notes that the activities of financial institutions may intersect with loan modification/foreclosure rescue scams in two ways. First, persons or entities perpetrating the scams may seek the services of financial institutions for the purpose of receiving, depositing or moving funds relating to the scams. Second, financial institutions may become aware of such scams through their interactions with customers who have become victims. FinCEN is requesting that, if financial institutions become aware of this type of activity, they include the term "foreclosure rescue scam" in the narrative portions of all relevant SARs filed. It also requests that the Suspect/Subject Information Section of the Suspicious Activity Report include all information available for each party suspected of engaging in this fraudulent activity, including information such as individual or company name, address, phone number and any other identifying information.