The Small Business Administration along with consultation from the U.S. Treasury Department issued additional frequently asked questions about the Payroll Protection Program and how it pertains to the Bank Secrecy Act. On February 1, 2021, FinCEN published two additional frequently asked questions to provide guidance on Second Draw PPP loans.
Additionally, on February 2, 2021, FinCEN issued an advisory about an increase in health insurance fraud due to COVID-19. The advisory lists possible types of health insurance fraud, how it occurs, and red flags that may indicate possible health insurance fraud as well as a case study to help providers and financial institutions to further prevent and identify any fraud schemes.
PPP FAQs: Frequently Asked Questions (FAQs) as of February 1, 2021 (fincen.gov)
Health Insurance Fraud Advisory: COVID-19 Health Care Advisory (fincen.gov)
Additionally, on February 2, 2021, FinCEN issued an advisory about an increase in health insurance fraud due to COVID-19. The advisory lists possible types of health insurance fraud, how it occurs, and red flags that may indicate possible health insurance fraud as well as a case study to help providers and financial institutions to further prevent and identify any fraud schemes.
PPP FAQs: Frequently Asked Questions (FAQs) as of February 1, 2021 (fincen.gov)
Health Insurance Fraud Advisory: COVID-19 Health Care Advisory (fincen.gov)
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