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FinCEN Advisories Expose Risks for Money Services Businesses Amid COVID-19

FinCEN Advisories Expose Risks for Money Services Businesses Amid COVID-19

Posted on: August 5th, 2020 by Julie

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, […]

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FinCEN Reporting Requirements Related to COVID-19

FinCEN Reporting Requirements Related to COVID-19

Posted on: June 9th, 2020 by Julie

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 […]

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Paycheck Protection Program Provides Support to Small Businesses

Paycheck Protection Program Provides Support to Small Businesses

Posted on: April 13th, 2020 by Julie

Keep Your Employees on Payroll and Help Cover Operating Costs During COVID-19 The CARES Act Paycheck Protection Program (PPP) is providing a loan option for small businesses through the Small Business Administration (SBA). HOW TO APPLY Apply with a participating lender that you have a business bank account relationship with ELIGABILITY Businesses with less than […]

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CARES Act Support Amid COVID-19 Pandemic

CARES Act Support Amid COVID-19 Pandemic

Posted on: April 1st, 2020 by Julie

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 […]

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