On January 12, 2024, FinCEN re-published the FAQs regarding implementation of the Paycheck Protection Program (PPP) particularly those that involve explaining the requirements under the Bank Secrecy Act (BSA). FinCEN also a added a new Question and Answer.

The new Question & Answer is as follows:

Question: SBA Procedural Notice 5000-835955 states that a PPP lender may request a guaranty purchase (without charge-off) from the SBA when the lender “has filed a Suspicious Activity Report (SAR) with respect to the PPP loan.” Is a PPP lender permitted under the BSA and its implementing regulations to reveal the existence of a SAR to the SBA when requesting a guaranty purchase (without charge-off) pursuant to SBA Procedural Notice 5000-835955?

Answer: Yes. Consistent with the BSA and FinCEN’s implementing regulations, a PPP lender may reveal the existence of a SAR to the SBA when requesting a guaranty purchase (without charge-off) from the SBA. This FAQ does not address any circumstances other than those described in SBA Procedural Notice 5000-835955.

FinCEN’s FAQs on PPP is found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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