Credit unions can be key players in identifying suspected trafficking and aiding survivors.

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 extended the Beneficial Ownership Rule’s limited exception for rollover and/or renewal of certain accounts for an additional 30 days. It will be in place up to and including Sept. 8.

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 should continue to work with the financial services industry as any issued arise with implementation of its CDD rule arise, CUNA wrote for the record of a House subcommittee hearing Tuesday.

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..

With less than two weeks remaining before the FinCEN's customer due diligence becomes effective May 11, FinCEN has made its electronic CDD beneficial owner certification form available.

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.

Information supplied by financial institutions disrupts money launders, drug sellers, and organized crime.