News

The Treasury Department's Financial Crimes Enforcement Network issued an advisory clarifying when lenders may refrain from collecting or verifying ownership data for small firms that apply for federally subsidized loans under a U.S. program to sustain the economy amid the coronavirus pandemic. More Community banks have asked the department to exempt them from having to verify beneficial owners of companies applying for the loans, the American Banker reported. More Banks are asking existing small-business clients to provide tax records and other documents confirming the identity of their beneficial owners despite federal assurances that they may largely rely on their customers'...