Bright Spot Alert! Some Regulatory Relief from BSA/AML Requirements
On the good news scale, this may not be much, but these days, we take the good news where we can get it. In recognition of the disruption from the pandemic, financial institutions are exempted from beneficial ownership requirements for new loans extended under the CARES Act Paycheck Protection Program. There is also some slack being granted in BSA report filings and beneficial ownership verification/re-verification. However, banks are encouraged to contact their examiners if they anticipate delays. See FinCEN's guidance here. [4/8/20]
