The Financial Crimes Enforcement Network, one of the Treasury Department’s lead agencies in the battle against money laundering and other crimes, has issued an advisory to financial institutions warning them to beware of tax refund fraud and identity theft, and to report such activity by filing Suspicious Activity Reports.
FinCEN noted in the advisory it issued Tuesday that Identity theft can be a precursor to tax refund fraud because individual income tax returns filed in the United States are tracked and processed by Taxpayer Identification Numbers and the individual taxpayer names associated with these numbers.
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