The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule last week amending Bank Secrecy Act/Anti-Money Laundering regulations for non-federally insured credit unions. The rule is effective Nov. 16 of this year and has a compliance date of March 15, 2021.
While non-federally insured credit unions had been exempt from the AML program requirements, they have been subject to BSA reporting requirements, the Customer Identification Program and Beneficial Ownership rules. In addition, state regulators generally require BSA policies, management oversight, personnel training and internal compliance reviews.
The final rule details the AML program requirements specific to financial institutions that “lack a federal functional regulator,” which are to:
Minimum requirements non-federally insured credit unions must include in their AML compliance program include:
Additional analysis on the rule can be found on CUNA’s CompBlog.