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 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.
With CUNA’s Bank Secrecy Act Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.
President Barack Obama sent greetings Thursday to those celebrating International Credit Union Day. CUNA worked closely with the White House on the statement, and a number of credit union-friendly legislators also weighed in with the White House.
The NCUA’s Tuesday announcement that it will repay the U.S. Treasury in full is a good sign for credit unions, said CUNA Chief Policy Officer Bill Hampel. The agency will repay the $1 billion outstanding balance before Oct. 31.