A proposed reduction in the threshold for BSA regulatory information collection retention and transmittal requirements for funds transfers down to $250, from the current $3,000, would result in substantial burdens and costs for credit unions.
NCUA, along other federal financial regulators, issued a joint statement clarifying that Bank Secrecy Act due diligence requirements for customers who may be considered "politically exposed persons" should be commensurate with the risks posed by the PEP relationship.
Credit unions will receive information on best practices in Bank Secrecy Act programs and avoiding pitfalls from non-compliance during an NCUA webinar, “The Bank Secrecy Act: Review and Reminders,” scheduled for June 17.
CUNA joined NASCUS earlier this month for its annual BSA/AML Certification Conference in Tempe, Ariz. The three-day event featured presentations on the most pressing compliance issues facing credit unions today.
CUNA wrote in support of a bill Thursday that would update thresholds for certain reporting thresholds contained in the Bank Secrecy Act, calling it a modernization that will give relief to credit unions without impeding law enforcement.