FDIC COVID BSA 2 – BSA Questions. How can financial institutions raise BSA compliance concerns or challenges with FinCEN?

Compliance > COVID & Pandemic-Related
Q:   BSA Questions. How can financial institutions raise BSA compliance concerns or challenges with FinCEN?
 
A:   FinCEN’s April 3rd Notice stated that FinCEN had created an online contact mechanism for financial institutions to communicate to FinCEN concerns related to COVID-19. Financial institutions wishing to communicate concerns related to COVID-19 to FinCEN can:
  • Click on “Need Assistance,” and
  • Select “COVID19” in the subject drop-down list, which will facilitate COVID-19 communication with FinCEN.
FinCEN also encouraged financial institutions to contact their functional regulator(s) or other BSA examining authority as soon as practicable if a financial institution has BSA compliance concerns because of the COVID-19 pandemic. Financial institutions are encouraged to keep FinCEN and their functional regulator(s) or other BSA examining authority informed as their circumstances change.
 
 
This Q&A was contained in the Frequently Asked Questions for Financial Institutions Affected by the Coronavirus Disease 2019 (Referred to as COVID-19) – As of March 3, 2021 (which may be updated from time to time).  This may be found on the FDIC’s website here:  https://www.fdic.gov/Coronavirus/faq-fi.pdf.
 

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