FinCEN issued an advisory July 30 to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic, according to FinCEN.
NCUA sent a letter to credit unions (20-CU-22) this week updating the agency’s 2020 supervisory priorities to reflect economic conditions emerging in the wake of the COVID-19 pandemic, as well as other statutory and regulatory changes.
FinCEN has issued guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers. This covers hemp-related businesses, not marijuana-related businesses, which are covered by FinCEN’s 2014 guidance.
After 60 days of national availability, more than 250 credit unions are using either Credit Union Compliance Management System™, a CUNA or League member benefit, or Credit Union Compliance Management System PLUS™, the for-fee solution.
The FFIEC has made several updates to the BSA/AML Examiner’s Manual. CUNA’s compliance staff have detailed the changes on CompBlog. They are unrelated to the coronavirus disease (COVID-19) pandemic, nor do they include any new requirements.
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 issued a ruling last week to clarify CTR Form 112 filing obligations when reporting transactions involving sole proprietorships. A recent CUNA CompBlog entry details exactly what the ruling means for credit unions.
CUNA has updated its Military Lending Act credit card fee spreadsheet for the first quarter of 2019, a necessary resource as a credit union may exclude a bona fide credit card fee from the MAPR if the fee is considered “reasonable,” under the MLA rule.