Support Centre

USA: FinCEN issues notice on BSA compliance in light of Coronavirus pandemic

The Financial Crimes Enforcement Network ('FinCEN') issued, on 18 May 2020, a notice ('the Notice') in relation to the COVID-19 ('Coronavirus') pandemic and financial institutions' reporting obligations under the Bank Secrecy Act 1970 ('BSA'). In particular, the Notice urges financial institutions to continue monitoring suspicious activities and to follow a risk-based approach to diligently adhere to BSA obligations, and provides such institutions with information on the timely filing of BSA reports and how FinCEN can help in light of the pandemic, as well as information on suspicious activity report-filing and information sharing among institutions.

You can read the Notice here.