The FFIEC Monday released updates to four sections of the BSA/AML Examination Manual. The updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process.
New provisions of the Anti-Money Laundering Act of 2020 will likely result in much activity around its implementation. National examination and supervisory priorities are expected to be established by July 1, with implementing regulations to follow before the end of the year.
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.