Money Laundering and Other COVID Fraud Cases

Description: Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic. The Financial Crimes Enforcement Network (FinCEN) has issued several recent advisories to alert financial institutions to various fraud schemes observed during the COVID-19 pandemic. Other illicit actors are using the pandemic to explain certain anomalous fluctuations in account activity. This presentation reviews FinCEN’s recent advisories and covers some real-life case studies. We conclude with a review of current regulatory expectations.

Speaker: Susan Wahba served as the SVP/BSA Officer at Pacific City Bank, a $2 billion community bank headquartered in Koreatown, Los Angeles, CA. Prior to joining Pacific City Bank, Ms. Wahba was EVP/Chief Risk Officer at Grandpoint Bank from 2012 until its sale in June 2018. In that role, Ms. Wahba managed the BSA, Compliance, CRA, Information Security, Audit, and Internal Loan Review functions of this $3 billion financial institution. She has held similar roles in other local financial institutions. From 2011 to 2015, Ms. Wahba served as Executive Board Member and Co-Treasurer of the Southern California Chapter of the Association of Certified Anti-Money Laundering Specialists. Ms. Wahba began her career as a Safety & Soundness bank examiner serving in that role for 13 years with the FDIC. During her tenure with the FDIC, Ms. Wahba became a Subject Matter Expert on trust examinations and Bank Secrecy Act (BSA). She received her Certified Anti-Money Laundering Specialist (CAMS) certification in 2010.

The Financial Services Cybersecurity Roundtable is a cross-organizational, cross-functional peer-to-peer “learning community” working together to better protect our community from bank fraud, credit card theft, identity theft, and other forms of cyber crime.

Become A CyberGuardian

Protect your community: take the CyberGuardian Pledge, join our email list, get invited to events.

Take the Pledge