The Treasury’s Financial Crimes Enforcement Network (FinCEN) joined federal financial regulators, including NCUA, last week to issue a joint statement on sharing Bank Secrecy Act (BSA) resources. The statement addresses the benefits of financial institutions entering into collaborative arrangements to help manage their BSA and anti-money laundering (AML) obligations more efficiently and effectively.
Collaborative arrangements as described in the statement generally are most suitable for financial institutions with a “community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing.”
Among other things, the statement aims to:
The statement notes that financial institutions should approach the establishment of collaborative arrangements like other business decisions, with due diligence and thorough consideration of the risks and benefits.