Suspicious Activity Reporting: Government Aid Programs in the Spotlight

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Amid growing media coverage of fraud related to government loan programs and unemployment insurance claims, the Small Business Administration (SBA) issued an Information Notice (IN) on July 22, 2020, dealing specifically with the identification and reporting of suspicious activity related to the Economic Injury Disaster Loans (EIDL) Program. The IN is aimed at alerting depository institutions to the potential of suspicious activity related to funds deposited in personal or business accounts.

This article reviews the notice and offers proactive steps depository institutions should take to ensure proper handling of suspicious activity related to government aid programs.

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