The House Financial Services Committee Thursday passed a bill with BSA/AML relief in the form of an amendment that would index the Currency Transaction Report thresholds for inflation and further study the impact of Suspicious Activity Reports.

While CUNA supports efforts to track money laundering and terrorist financing, it told a House subcommittee Wednesday that it’s also important to strike the balance between the costs to financial institutions and the benefits to the federal government.

The FinCEN and its regulatory partners issued a joint statement last week to encourage credit unions and other financial institutions to take innovative approached to combat money laundering and other illicit financial threats.

CUNA supports efforts to track money laundering and terrorist financing but also believe it's important to strike the balance between the costs to financial institutions and the benefits to the federal government it wrote Thursday.

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