In light of a nationwide surge in check fraud schemes targeting the U.S. Mail1 (hereinafter “mail theft-related check fraud”), the Financial Crimes Enforcement Network (FinCEN) is issuing this alert to financial institutions to be vigilant in identifying and reporting such activity.
Mail theft-related check fraud generally pertains to the fraudulent negotiation of checks stolen from the U.S. Mail. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and represents one of the most significant money laundering threats to the United States, as highlighted in the U.S. Department of the Treasury’s most recent National Money Laundering Risk Assessment and National Strategy for Combatting Terrorist and other Illicit Financing.
Fraud is also one of the anti-money laundering/countering the financing of terrorism (AML/CFT) National Priorities.
