FinCEN's new customer due diligence requirements for business accounts are effective May 18, 2018, and CUNA’s compliance staff has received a number of questions. A recent CompBlog post examines CDD procedures and requirements.
CUNA urged the FinCEN to ensure any regulatory changes it pursues relating to the collection of information filings be as minimally burdensome on credit unions as possible. CUNA’s letter was sent in response to proposed revisions to information collection.
A proposed rule from the U.S. Treasury’s Financial Crimes Enforcement Network would reduce confusion for privately insured credit unions seeking clarification on their Bank Secrecy Act requirements, CUNA believes. The proposal affects about 125 privately insured credit unions.
The Financial Crimes Enforcement Network published a proposed rule to remove the anti-money laundering program exemption for "banks" that lack a "federal functional regulator," including, but not limited to, private banks and non-federally insured credit unions.
With a May 2018 compliance date for the Treasury’s new customer due diligence rule, credit unions may be tempted to set it aside. But credit unions should use this time well, says CUNA compliance staff.
WASHINGTON (3/30/16)--CUNA supports most proposed changes to the layout of the Bank Secrecy Act Currency Transaction Report. In a comment letter filed with the U.S. Treasury’s Financial Crimes Enforcement Network, CUNA also noted that any regulatory changes--even absent additional requirements--may cause credit unions to expend time and resources to comply with a change.