CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Real estate AML requirements should not burden CUs
Policy & Issues

Real estate AML requirements should not burden CUs

February 21, 2022
NCUA exam priorities: What to expect in 2020

CUNA supports the Financial Crimes Enforcement Network’s (FinCEN) Advance Notice of Proposed Rulemaking on anti-money laundering (AML) regulations for real estate transactions but urges FinCEN not to place any unnecessary burdens on credit unions.

“[I]t is critically important that FinCEN strike the right balance between the imposition of compliance costs on leanly staffed, community-oriented credit unions and the benefits that AML programs can provide to law enforcement,” the letter reads. “As FinCEN seeks to identify the proper scope for its rule, it should ensure that it does not impose duplicative or conflicting requirements.

Further, it must ensure it does not task credit unions or credit union service organizations (CUSOs) with responsibility for the compliance of third-party entities,” it adds.

CUNA also urges FinCEN not to establish reporting requirements for financial institutions like credit unions regarding transactions in which they are not involved.

“FinCEN must not treat the smaller, community based financial institutions as a “clearinghouse” for all transactions to identify potential money laundering or terrorist financing activities,” the letter reads. “Doing so will have a direct, negative affect on smaller, community-based financial institutions.”

Credit Union Magazine: Fall 2023

Fall 2023

Credit Union Magazine’s Fall 2023 issue examines how artificial intelligence is shaping marketing, strategies to improve cyber hygiene and overall cybersecurity, the need to employ risk management to address inflation and its impacts, new approaches to board recruiting, and NCUA’s top supervisory priorities.
Digital Edition •  Subscribe

Trending

  • Registration open for 2024 Governmental Affairs Conference

  • Senators introduce bipartisan cannabis banking legislation

  • Setting the record straight on the FedNow® Service

Polls

Do you plan to use the FedNow instant payment service?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us