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.
WASHINGTON (1/25/16)--CUNA is concerned by the U.S. Treasury’s Financial Crimes Enforcement Network’s position that financial institutions must absorb the regulatory costs associated with its customer due diligence proposal.
WASHINGTON (1/4/16)--Alleged violations of federal anti-money laundering laws led the U.S. Treasury’s Financial Crimes Enforcement Network to assess a $200,000 civil money penalty against a Los Angeles precious metals dealer
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.