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Financial Crimes Enforcement Director Jennifer Shasky Calvery answered questions about Bank Secrecy Act transaction reporting thresholds, guidance in dealing with marijuana-related businesses and more during NAFCU's 2014 Congressional Caucus on Friday.

In her speech Friday, Shasky Calvery spoke about threats and issues that particularly affect credit unions, but she said the agency's research has shown that suspicious activity reports submitted by credit unions largely reflect trends in the financial services industry as a whole. She said the most prevalent examples of fraud faced by credit unions involved transactions with cash, ATMs, identity theft, fraudulent tax returns, and checks and money orders – particularly when being sent overseas.

"We recognize that credit unions spend a significant amount of time and money to do their part" with regard to BSA reporting, Shasky Calvery noted. "At FinCEN, we will continue to do our part to help credit unions."

Shasky Calvery also took questions from conference attendees, as follows:

• How much attention does FinCEN give Bitcoin: "A ton," she said, adding she is confident in FinCEN's grasp of risks related to the digital currency.
• Is FinCEN considering changes to currency transaction reporting thresholds: She said such thresholds are regularly reviewed, including by the BSA Advisory Group, which includes members of NAFCU.
• About FinCEN's guidance on banking with legitimate marijuana businesses: Answering a question from a credit union representative from Colorado, she said the agency wanted to give law enforcement "the best, most relevant information" possible. She also said it was unclear whether standards would be relaxed in the near future given the complicated legal status of the industry.