FinCEN Guidance in Response to COVID-19: FinCEN Issues BSA Reporting Guidance

Sullivan & Cromwell LLP - March 19, 2020
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On March 16, 2020, the Financial Crimes Enforcement Network issued guidance encouraging financial institutions to communicate concerns related to the timely filing of reports required under the Bank Secrecy Act and identifying several patterns of fraudulent transactions that have emerged since the onset of the COVID-19 outbreak.