News & Analysis as of

Bank Secrecy Act › Paycheck Protection Program (PPP)

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Orrick, Herrington & Sutcliffe LLP

FinCEN issues FAQs on PPP

Orrick, Herrington & Sutcliffe LLP on

On January 12, FinCEN and the SBA issued FAQs on the Paycheck Protection Program (“PPP”), established under the CARES Act, to assist borrowers and lenders in interpreting the CARES act and the PPP Interim Final Rule. ...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

ArentFox Schiff

Investigations Newsletter: COVID-19 Fraud Update

ArentFox Schiff on

Khadijah Chapman of Georgia, Daniel Labrum of Utah, and Eric O’Neil of Connecticut were all charged in separate indictments with submitting fraudulent Paycheck Protection Program (PPP) loan applications. According to the DOJ,...more

Bradley Arant Boult Cummings LLP

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Bradley Arant Boult Cummings LLP on

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

ArentFox Schiff

Investigations Newsletter: DOJ Continues To Prosecute PPP Fraud

ArentFox Schiff on

DOJ Continues To Prosecute PPP Fraud - Earlier this week, Ana Soto of Newark, Delaware pled guilty to fraudulently obtaining and spending money received through Paycheck Protection Program (“PPP”) loans. Between March...more

Skadden, Arps, Slate, Meagher & Flom LLP

Closer Scrutiny Expected of Corporate Conduct

Skadden, Arps, Slate, Meagher & Flom LLP on

The Biden administration is widely expected to be tougher on corporate wrongdoing than its predecessor. Although there have not yet been significant changes to existing policies, key nominations to date and early enforcement...more

Thomas Fox - Compliance Evangelist

Top Fraud and Regulatory Trends for 2021

Thomas Fox - Compliance Evangelist on

I recently had the opportunity to catch up with Joanne Taylor, a Managing Director at K2 Integrity and Ray Dookhie, a Managing Director in K2 Integrity’s Investigations and Risk Advisory practice. We chatted on the top fraud...more

Ballard Spahr LLP

New PPP Procedural Requirements Reflect Lenders’ Emerging AML Duties

Ballard Spahr LLP on

The Small Business Administration (“SBA”) recently issued a procedural notice (the “Notice”) to “All SBA Employees and Paycheck Protection Program Lenders” setting forth “Revised SBA Paycheck Protection Platform Procedures...more

Nutter McClennen & Fish LLP

Nutter Bank Report: February 2021

Nutter McClennen & Fish LLP on

HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners - The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2020

Nutter McClennen & Fish LLP on

SBA Adopts Streamlined Loan Forgiveness Procedures for PPP Loans of $50,000 or Less - The U.S. Small Business Administration (“SBA”) has adopted an interim final rule to streamline the loan forgiveness application process...more

Buchalter

Buchalter COVID-19 Client Alert: Entrapment-by-Estoppel: A Potential Future Defense for Lenders in PPP Fraud Cases

Buchalter on

The past decade has taught lenders much about regulatory enforcement risk. In the fallout of the 2008 financial crisis and collapse of the housing and related markets, the Department of Justice and other agencies...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Saul Ewing LLP

Bank Secrecy Act and Anti-Money-Laundering Compliance in the COVID-19 Era: How Financial Institutions Can Manage Increased Risk...

Saul Ewing LLP on

The CARES Act pumped over two trillion dollars into the American economy, with much of that money going directly to individuals in the form of stimulus checks or to small businesses in the form of Paycheck Protection Program...more

Bradley Arant Boult Cummings LLP

Lender Liability and False Claims Act Issues Under the Paycheck Protection Program

Bradley Arant Boult Cummings LLP on

Among the most significant aspects of the CARES Act is the $660 billion small business forgivable loan program known as the Paycheck Protection Program (PPP), and it was perhaps inevitable that the administration of the...more

Foodman CPAs & Advisors

FinCEN re-clarifies FAQ’s on how Lenders can meet BSA requirements when issuing PPP loans

Foodman CPAs & Advisors on

On April 13, 2020, FinCEN, as the administrator of the BSA, re-published FAQs on how borrowers and lenders may rely on the guidance provided for the SBA’s interpretation of the CARES Act and of the PPP (Paycheck Protection...more

WilmerHale

COVID-19: Federal Regulators Provide Limited AML Relief in Coronavirus Response, and Limited Support for the Use of Technology in...

WilmerHale on

In this alert, we summarize recent guidance from federal regulators and self-regulatory organizations - including the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), the Office of...more

Manatt, Phelps & Phillips, LLP

Bank Secrecy Act Compliance Issues for Small-Business Lending Under the CARES Act

Manatt, Phelps & Phillips, LLP on

With many banks and credit unions electing to limit Paycheck Protection Program (PPP) loans to existing customers, many nonbank lenders are scrambling to fill the gap and take part in the $349 billion program prior to the end...more

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