Regulatory Alerts2020-04-03 | FinCEN Notice FIN-2020-NTC2Added
Updated FinCEN Notice to Financial Institutions Regarding COVID-19 (FinCEN Notice FIN-2020-NTC2)
The Financial Crimes Enforcement Network suspends implementation of its February 6, 2020 ruling on Currency Transaction Report filing obligations for sole proprietorships and entities operating under a doing business as name until further notice. Eligible federally insured depository institutions and credit unions are not required to re-verify beneficial ownership information for Paycheck Protection Program loans to existing customers. The agency establishes a specific online contact mechanism for financial institutions to report COVID-19-related compliance concerns and acknowledges that reasonable delays in meeting certain Bank Secrecy Act timing requirements may occur.