FinCEN: Banks don't need to re-verify PPP beneficial owner info

Apr 07, 2020

The Financial Crimes Enforcement Network said banks will not be required to re-verify beneficial ownership information for Paycheck Protection Program loans for existing customers, unless otherwise indicated by the institution’s risk-based approach to Bank Secrecy Act compliance.

For non-PPP loans, FinCEN reminded institutions of its 2018 ruling offering certain exceptive relief to beneficial ownership requirements and recognizing that a risk-based approach may result in reasonable delays in compliance.