The IRS has updated its FAQs on the CARES Act economic impact payments to reflect that the deceased (as well as heirs receiving payments in their name), non-resident aliens and incarcerated individuals are not eligible to receive EIPs and must return them. The obligation to return funds is on the ineligible recipients, not on banks.
FDIC surveys banks on anti-money laundering compliance costs
The FDIC has launched a survey on the costs of compliance with anti-money laundering and countering the financing of terrorism regulations, according to a notice published in the Federal Register.