VIEWpoint Issue 1 | 2022
Brief Insights | Meeting Provider Relief Fund Reporting Requireme...
VIEWpoint Issue 2 | 2021
2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Empl...
Ask the Advisor: Key Tax Incentive Changes
Weathering the Storm of Rising Inflation
On April 3, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a notice to assist financial institutions in complying with the Bank Secrecy Act (BSA) during the COVID-19 pandemic. The notice explains that financial institutions providing Paycheck Protection Program (PPP) loans to existing customers will not need to collect beneficial ownership information, unless otherwise required by their risk-based BSA program. FinCEN acknowledged it is aware BSA filings by financial institutions such as Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) might be delayed during the pandemic. FinCEN is suspending until further notice implementation of the Feb. 6, 2020 ruling (FIN-2020-R001) on CTR filing requirements when reporting transactions involving sole proprietorships and entities operating under a “doing business as” (DBA) name. FinCEN created a COVID-19-specific online contact mechanism, via a specific drop-down category, for financial institutions to communicate BSA related pandemic concerns to FinCEN. You can find it here.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).