FinCEN Urges Financial Institutions to Watch for Relationship Investment Scam Indicators

In a collaborative effort to combat relationship investment scams, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is supporting the multiagency #DatingOrDefrauding Campaign launched by the Commodity Futures Trading Commission (CFTC) on February 10. This campaign aims to alert the public to romance scams targeting Americans through wrong-numbered texts, dating apps, and social media.

FinCEN is urging financial institutions to remain vigilant regarding suspicious activities indicative of relationship investment scams. The agency has previously published several resources to help stakeholders identify and report illicit financial activities related to these scams and other forms of romance and confidence fraud. These alerts highlight virtual currency investments and over-the-counter forex schemes carried out by criminal enterprises overseas, fraudsters who attempt to establish close or romantic relationships with older adults for financial gain, and romance scam victims exploited as money mules to move stolen funds in mail theft-related check fraud schemes.

Additionally, FinCEN reminds financial institutions to adhere to specific Suspicious Activity Report (SAR) filing instructions and key terms noted in its alerts and advisory products. This is crucial in helping law enforcement detect, investigate, and prosecute cases involving relationship investment scams, the FinCEN stated.