FinCEN Updates Paycheck Protection Program BSA Guidance

02/17/21

FinCEN has updated guidance detailing how lenders can meet Bank Secrecy Act requirements when issuing a PPP loan. 

FinCEN confirmed that the new FAQs -- originally published in April 2020 -- remain applicable to second-draw PPP loans, and that lenders may rely on information obtained from a borrower during a first-draw loan application for a second-draw application, provided the borrower is an existing customer.