Paycheck Protection Program Poses AML Compliance Challenges

Bloomberg Law
3 minute read | April.16.2020

Promised relief started flowing to small businesses recently under the $350 billion Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act, but many lenders releasing funds now face a substantial compliance burden: establishing an anti-money-laundering program that will pass regulatory scrutiny.

Fulfilling that obligation may present challenges to nonbank lenders not familiar with the rigors of AML compliance.