The Justice Department has announced the sentencing of a man from Virginia for defrauding the Paycheck Protection Program (PPP). Court documents indicate that Tarik Jaafar, of Ashburn, Va., conspired with his wife, Monika Magdalena Jaworska, to create four shell companies.
Federally insured credit unions can learn more about the National Credit Union Administration’s response to the COVID-19 pandemic by participating in a webinar hosted by the agency on Thursday, Dec. 3, beginning at 1 p.m. Eastern.
In remarks delivered recently during a virtual AML conference, FinCEN Director Kenneth Blanco encouraged attendees to read FinCEN's advisories related to COVID-10 medical fraud, imposter scams, and cyber-related crime. He said that the most common trend FinCEN is seeing in COVID-19 related SARs involves fraudsters targeting multiple COVID-19 related government stimulus programs, employing money mules and cyber techniques.
The ongoing need for physical distancing and remote working—and the limited ability of members to transact in-person—is making the adoption of person-to-person payments (P2P) by credit unions more essential than ever.