FiNCEN issued guidance its Beneficial Ownership Information reporting rule, which is effective Jan. 1, 2024. Resources include introductory videos, FAQs, key questions, and filing dates.
CUNA supports a beneficial ownership information
database as a “significant opportunity to improve the quality and timelines of BOI information for law enforcement and financial institutions,” but believes FinCEN ‘s interpretation is too narrow and is counter to Congressional intent.
FinCEN issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy Wednesday. The priorities identify and describe the most significant AML/CFT threats currently facing the United States.
CUNA filed comments Friday with FinCEN and NCUA regarding the use of the Model Risk Management Guidance for BSA/AML compliance. NCUA has not adopted the guidance to date, so it does not explicitly apply to federally insured credit unions.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.