The San Francisco Oakland Bay Bridge was obscured by smoke from wildfires in San Francisco, California, U.S., on Friday. (Photo: David Paul Morris/Bloomberg)
The Treasury Department's Financial Crimes Enforcement Network, FinCEN, said Monday that financial institutions affected by the California wildfires should contact FinCEN and their "functional regulator" to discuss any delays in their ability to file required Bank Secrecy Act reports.
Considering the "fluid nature of the various recovery efforts," FinCEN said, financial institutions are also encouraged to keep FinCEN and regulators informed as their circumstances change.
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FinCEN also reminded financial institutions about the potential for fraudulent transactions in the wake of disasters, and directed them to an advisory issued last year on how to spot frauds.
Institutions can contact FinCEN's resource center at 1-800- 949-2732 and select option 8 or e-mail at [email protected].
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
