Anti-Money Laundering and Bank Secrecy Act regulations require financial institutions to gather and maintain data commonly referred to as “Know Your Customer” information. The Financial Crimes Enforcement Network amended those regulations by final rule in 2016 (“Rule”) with May …
The Professional Service Corporation and “Qualified Persons”
When extending credit to a Professional Service Corporation (herein, “PSC”) in Kentucky, lenders should take note of important statutory distinctions between a PSC and other entity borrowers. KRS Chapter 274 sets forth specific requirements related to a “Qualified Person” that …
