Notice Related to the Coronavirus Disease 2019 (COVID-19)

Notice Related to the
Coronavirus Disease 2019 (COVID-19)
The Financial Crimes Enforcement Network (FinCEN) is issuing this Notice as part of FinCEN’s COVID-19-related response. This Notice contains pertinent information regarding reporting COVID-19-related criminal and suspicious activity and reminds financial institutions of certain Bank Secrecy Act (BSA) obligations. FinCEN intends to issue multiple COVID-19-related advisories. Each advisory will refer financial institutions to this Notice. COVID-19-Related Updates to Financial Institutions FinCEN has published notices on its website that provide information to assist financial institutions in complying with their BSA obligations during the COVID-19 pandemic, which include a direct contact mechanism for urgent COVID-19-related issues. FinCEN encourages financial institutions to monitor FinCEN’s website and the Department of the Treasury’s website on The Coronavirus Aid, Relief, and Economic Security (CARES) Act for up-to-date information concerning compliance with BSA obligations.1 BSA Reporting Obligations Compliance with the BSA remains crucial to protecting our national security by combating money laundering and related crimes, including terrorism and its financing. FinCEN expects financial institutions to continue following a risk-based approach and to diligently adhere to their BSA obligations. FinCEN also appreciates that financial institutions are taking actions to protect employees, their families, and others in response to the COVID-19 pandemic. FinCEN recognizes that current circumstances may create challenges with respect to certain BSA obligations, including the timing requirements for certain BSA report filings. FinCEN will continue outreach to regulatory partners and financial institutions to ensure risk-based compliance with the BSA, and FinCEN will issue additional information as appropriate.2

1. For up-to-date information on FinCEN’s COVID-19-related releases, please visit FinCEN’s Coronavirus Updates at https://www.
   fincen.gov/coronavirus. Those interested in receiving notifications from FinCEN may sign up for FinCEN Updates, at no charge, to receive updates with links to new information when content is added to FinCEN’s website for any of the enrolled user’s selected categories. For up-to-date information concerning the Department of the Treasury’s CARES Act information, please visit https://home.treasury.gov/policy-issues/cares.
2. See FinCEN Notice, “The Financial Crimes Enforcement Network Provides Further Information to Financial Institu￾tions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic,“ (April 3, 2020).
   May 18, 2020
   FinCEN updated its USA PATRIOT Act Section 314(b) Fact Sheet in December 2020. The Fact Sheet, which addresses safe harbor protections in connection with certain private-sector information sharing, supersedes the material concerning information sharing provided below.