ACAMS New Jersey Chapter April Virtual Event: Payroll Protection Program (PPP) Fraud

Since the PPP was introduced in March 2020, over 5,400 lenders, working through the Small Business Administration, have approved and processed over 7.5 million loans for almost $700 billion. The PPP was rolled out quickly, with few front-end controls, and fraud has been rampant. This presentation will cover some of the crazier PPP fraud cases, the classic “Fraud Triangle”, BSA/AML obligations of the lenders, and the importance of balancing fraud prevention and fraud detection.