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The Financial Crimes Enforcement Network (FinCEN) Friday released updated information to provide some relief as financial institutions work through issues caused by the coronavirus. Of note, the agency is suspending its February ruling related to currency transaction reports (CTRs).

FinCEN also acknowledged "the need to facilitate expeditious disbursal of CARES Act Funds. Accordingly, FinCEN will issue further information, as appropriate, as the CARES Act is implemented and questions arise."

Relatedly, the Small Business Administration released an interim rule to implement the new paycheck protection program. NAFCU has FAQs to help credit unions through the process of providing loans under the program; one of them notes Bank Secrecy Act (BSA) compliance, which is also addressed in FinCEN's updated information.

FinCEN's February ruling replaces and rescinds two former rulings, clarifies the requirements of financial institutions when reporting transactions involving sole proprietorships and legal entities operating under a "doing business as" (DBA) name. It was set to take effect today.

The agency noted financial institutions were facing difficulties implementing requirements of the ruling, so is suspending it until further notice.

"FinCEN will issue further information on these types of CTR filings at an appropriate time with reasonable implementation periods," the agency said in its release. "Until such issuance, financial institutions should continue to report transactions involving sole proprietorships and DBAs under prior practice. Those financial institutions that have already made the necessary changes to comply with the 2020 Ruling need not revert to prior practice, and may report CTRs in accordance with the now-suspended ruling."

In addition, FinCEN announced the creation of a new online contact mechanism for coronavirus-specific communications. To contact FinCEN on coronavirus concerns, institutions can:

• go to www.FinCEN.gov;
• click on "Need Assistance" (located in bottom third of the homepage); and
• select "COVID19" in the subject drop-down list.

FinCEN previously encouraged financial institutions to contact the agency and the institution's respective regulator with concerns about filing required BSA reports amid the pandemic.

Stay tuned to NAFCU Today as more guidance and relief is provided to credit unions throughout the coronavirus pandemic. Access all relevant resources here.