COVID-19 FinCEN Advisories
By: Julie on August 5, 2020
FinCEN released a series of advisories about financial crimes related to the COVID-19 pandemic. Money services businesses (MSBs) are especially vulnerable to financial crime during this uncertain time.   The purpose of the series of advisories is to reinforce that: “Detecting, preventing, and reporting COVID-19 related scams and illicit activity is critical to our national security, safeguarding legitimate relief efforts,… Read More
FinCEN Notice
By: Julie on June 9, 2020
Financial Crimes Enforcement Network (FinCEN) released a notice on May 18, 2020 in response to reporting requirements as they relate to COVID-19. The COVID-19 pandemic has left many of us vulnerable. It is important now more than ever to report suspicious activity to combat financial crimes. BSA REPORTING OBLIGATIONS FinCEN expects financial institutions to adhere to their Bank Secrecy Act (BSA)… Read More
COVID-19 Relief
By: Julie on April 1, 2020
Relief for Financial Services Centers & Employees On March 27, 2020, President Trump signed a $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act relief bill that will provide support to those that are experiencing hardships due to COVID-19. The CARES Act includes: Direct payments ($1,200/individuals, $2,400/family, $500/child) to individuals at specified income level thresholds Expansion of unemployment insurance… Read More
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