{"id":"AGY-FED-FINANCIAL-024","kind":"context","level":"federal","jurisdiction":"United States; Financial Crimes Enforcement Network, Department of the Treasury (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"Financial Crimes Enforcement Network","authority":"31 U.S.C. § 5318; 31 C.F.R. § 1010.810","instrument":"FinCEN Notice of April 3, 2020","title":"The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic","dateIssued":"2020-04-03","effective":"2020-04-03","end":"Not rescinded within the period","startDate":"2020-04-03","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["all financial institutions subject to the Bank Secrecy Act"],"clause":"This notice updates the Financial Crimes Enforcement Network\u0027s (FinCEN\u0027s) March 16, 2020 COVID-19 Notice, provides additional information to assist financial institutions in complying with their Bank Secrecy Act (BSA) obligations during the COVID-19 pandemic, and announces a direct contact mechanism for urgent COVID-19-related issues. FinCEN recognizes financial institutions face challenges related to the COVID-19 pandemic.","enforcement":"31 U.S.C. §§ 5321-5322 (civil and criminal BSA penalties); FinCEN stated it would consider pandemic-related delays","functions":["OP compliance (BSA reporting timelines; remote compliance staff)","HR","CB customer due diligence under PPP volume"],"notes":"Records FinCEN\u0027s recognition that compliance staff were working remotely and that filing delays were pandemic-driven; also addresses Beneficial Ownership rules for PPP loans","sourceUrl":"https://www.fincen.gov/news/news-releases/financial-crimes-enforcement-network-provides-further-information-financial","snapshot":"https://web.archive.org/web/20200403193332/https://www.fincen.gov/news/news-releases/financial-crimes-enforcement-network-provides-further-information-financial","fileExists":true,"fileBytes":149870,"grade":"primary","character":"context","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-024","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-024","citation":"Financial Crimes Enforcement Network, FinCEN Notice of April 3, 2020 (Apr. 3, 2020) (Ex. AGY-FED-FINANCIAL-024)","stateName":"","related":["AGY-FED-FINANCIAL-025"]}