This story appeared in Bank Digest.
The Financial Crimes Enforcement Network is re-publishing Bank Secrecy Act-related frequently asked questions regarding implementation of the Paycheck Protection Program (PPP), which was established by Section 1102 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). The Small Business Administration, in consultation with the Treasury Department, has been issuing FAQs regarding PPP implementation, and some of the FAQs involve explaining the requirements under the BSA, which is administered by FinCEN, and how lenders can meet those requirements when issuing a PPP loan. FinCEN intends to update its current document with any additional BSA-related FAQs involving the PPP.