LANSING, Mich.—Credit unions may want to again caution their small business and commercial members over a scam being seen in a number of states.
The scam, as most recently identified in Michigan by that state’s attorney general’s office, targets businesses with a letter titled “Important Compliance Notice,” which asks recipients to click on a URL or to scan a QR code related to the Corporate Transparency Act, Crain’s Grand Rapids Business reported.
That federal law that, which took effect Jan. 1, targets illegal activities, such as using shell companies for money laundering. The law requires legal business entities registered with a state to report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) their beneficial ownership and anybody who has “substantial control” in the company, including equity partners, executives, senior officers, and directors.
Attempts to Steal Info
The emails and letters “are fraudulent” and a possible attempt to steal personal or corporate information, according to Michigan AG’s office, Crain’s stated. The alert reminds that “FinCEN does not send unsolicited requests. Accessing codes or links or providing any information to scammers could lead to business identity fraud.”
“Individuals are not the only ones who can be victims of identity theft,” Michigan AG Dana Nessel said in a statement.
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