FinCEN issued guidance and an advisory relating to virtual currencies last week, affirming its regulatory frameworks, warning of threats posed by virtual currency misuse and consolidating current guidance, regulations and administrative rulings.
FinCEN joined federal financial regulators, including NCUA, last week to issue a joint statement on sharing BSA resources that addresses the benefits of financial institutions entering into collaborative BSA/AML arrangements.
FinCEN has issued a ruling to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the beneficial ownership requirements for for certain accounts, effective as of May 11.
FinCEN's customer due diligence rule became effective Friday, and both CUNA and FinCEN have resources available for credit unions. The final rule clarifies and strengthens customer due diligence requirements for financial institutions..
FinCEN issued a new set of frequently asked questions for its CDD rule, which goes into effect May 11. The agency says it may issue “additional FAQs, guidance or grant exceptive relief as appropriate."
FinCEN's new customer due diligence requirements for business accounts are effective May 18, 2018, and CUNA’s compliance staff has received a number of questions. A recent CompBlog post examines CDD procedures and requirements.