A 90-day extension for all BSA reporting requirements, particularly CTR requirements, is necessary for credit unions and other financial institutions to follow coronavirus disease (COVID-19) health guidelines, CUNA wrote Monday to FinCEN.
FinCEN requests financial institutions affected by the COVID-19 pandemic to contact FinCEN and their functional regulator as soon as practicable if a COVID-19-affected financial institution has concern about any potential delays in its ability to file required Bank BSA reports.
FinCEN announced the launch of its Global Investigations Division, which will investigate and target terrorist finance and money laundering threats and work more closely with foreign counterparts to coordinate actions against such threats.
Federal financial regulators have issued a statement on risk-focused BSA/AML supervision intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations.
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.