Skip to content
The COVID Project
  1. Library
  2. Federal financial regulators
  3. AGY-FED-FINANCIAL-024

Ex. AGY-FED-FINANCIAL-024 Context (guidance or announcement) Primary source read

FinCEN Notice of April 3, 2020

The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic

Financial Crimes Enforcement Network · United States; Financial Crimes Enforcement Network, Department of the Treasury (federal) (Federal)

Open exhibit (PDF, 146 KB)Source (opens in a new tab)Archived copy (opens in a new tab)
The COVID Project
Context, not an order

This record is guidance or an announcement kept for context. It is not counted among the orders in force.

The record

Jurisdiction
United States; Financial Crimes Enforcement Network, Department of the Treasury (federal)
Level
Federal
Authority
31 U.S.C. § 5318; 31 C.F.R. § 1010.810
Issued
2020-04-03 Apr. 3, 2020
Effective
2020-04-03
End
Not rescinded within the period (read as 2021-09-30)
In force
Apr. 3, 2020 to Sept. 30, 2021
Quarters
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • all financial institutions subject to the Bank Secrecy Act
Functions reached
  • OP compliance (BSA reporting timelines; remote compliance staff)
  • HR
  • CB customer due diligence under PPP volume
Character
context
Collection
Federal financial regulators AGY-FED-FINANCIAL

Operative words

This notice updates the Financial Crimes Enforcement Network's (FinCEN's) 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

Notes

Records FinCEN's recognition that compliance staff were working remotely and that filing delays were pandemic-driven; also addresses Beneficial Ownership rules for PPP loans

Retrieval note

Rendered from the April 3, 2020 Wayback capture; file originally saved with the March 16 date and renamed to the verified April 3, 2020 release date. Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.