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"Paycheck Protection Program poses AML compliance challenges" by Benjamin W. Hutten (Bloomberg Law)

Bloomberg Law

Benjamin W. Hutten

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.

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