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 U.S. Treasury’s Financial Crimes Enforcement Network should weigh the costs and benefits of its proposal to prescribe minimum standards and reporting requirements, CUNA told the agency in a letter sent Oct. 30.
Persons or entities issuing physical or digital certificates of ownership of precious metals are classified as money transmitters, according to an administrative ruling by the U.S. Treasury’s Financial Crimes Enforcement Network.
CUNA compliance staff has received a number of questions in recent weeks regarding Internal Revenue Service W-9 forms and taxpayer identification numbers. A recent CompBlog entry lists some of those frequently asked questions, along with answers.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.