PPP Loan Borrowers will need Assistance when Applying for Forgiveness of their PPP Loans

May 2020

On 4/15/20, the SBA and the U.S. Department of the Treasury released an application form for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form. To apply for forgiveness of a Paycheck Protection Program (PPP) loan,

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How are Financial Institutions identifying and managing their PEP relationships?

May 2020

With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”.  PEPs are individuals perceived as more vulnerable to corruption and bribery involvement due to a current or past

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Covid-19 and Non-Resident Aliens’ Emergency Time Period in the U.S.

May 2020

Nonresident alien individuals (NRA) who perform services or other activities while in the United States, and foreign corporations who employ individuals or engage individuals as agents to perform services or other activities in the United States may be considered engaged

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What can Borrowers do to prepare for PPP Loan Program Audits?

May 2020

Treasury Secretary Steven Mnuchin has stated that Businesses that borrow money through the PPP may expect compliance audits before their loans are forgiven.  Many banks, with the encouragement of the U.S. Treasury, “skipped” standard Know your Customer and Loan Due

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Financial Institution OFAC Compliance and Bank Regulatory Agencies

May 2020

While OFAC is responsible for promulgating, developing, and administering sanctions for the U.S. Secretary of the Treasury, bank regulatory agencies cooperate in ensuring OFAC financial institution compliance.  Although OFAC is not by itself a bank regulator; its basic requirement is

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Cumplimiento OFAC de las Instituciones Financieras y las Agencias Reguladoras Bancarias

May 2020

Mientras que la OFAC es responsable de promulgar, desarrollar y administrar sanciones para el Secretario del Tesoro de EE. UU., las agencias reguladoras bancarias cooperan para asegurar el cumplimiento de las instituciones financieras con la OFAC. Aunque OFAC no es

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¿Qué pasa si fondos han sido bloqueados o congelados debido a OFAC?

Si sus fondos han sido bloqueados o “congelados” por una institución financiera u otra parte debido a un posible enlace a sanciones administradas por la OFAC, puede calificar para solicitar una licencia OFAC específica para liberar fondos bloqueados. ¿Qué es

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What if Funds have been blocked or frozen due to OFAC?

April 2020

If your funds have been blocked or “frozen” by a financial institution or other party due to a possible link to OFAC-administered sanctions, you may qualify to apply for a specific OFAC license to release blocked funds. What is an

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Connecting the FCPA with the “Travel Act” in 2020

April 2020

The Travel Act ( 18 U.S.C. § 1952 -one of the older members of the family of money laundering criminal statutes) is close to celebrating its 60th year.  The Travel Act is still relevant today because of its “broad spectrum”

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

April 2020

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 Program) Interim

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IRS extends more Covid-19 Relief for many including Americans who live and work abroad

April 2020

The IRS continues to process electronic tax returns, issue direct deposit refunds and accept electronic payments while simultaneously granting additional, broad tax filing and payment deadline relief to all Taxpayers that have a filing or payment deadline falling on or

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The Paycheck Protection Program and the Affiliation Rules

April 2020

Under the Paycheck Protection Program (PPP), there are four tests that apply for affiliation based on control.  The Applicant, under the PPP, will be considered together with its affiliates for the purpose of determining the number of employees of an

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