Quarterly BSA Enewsletter
NAFCU's BSA Blast is a NAFCU member-only quarterly enewsletter offering coverage and analysis of credit union compliance issues and industry activity concerning the Bank Secrecy Act (BSA) and Treasury's Office of Foreign Assets Control (OFAC) regulations.
The Fourth Quarter issue is available now!
In This Issue
Ransomware Trends in Bank Secrecy Act Data: Regulatory Compliance Counsel Tara Simpson discusses a recent analysis published by the Financial Crimes Enforcement Network (FinCEN), which focused on ransomware trends reported in suspicious activity reports (SARs). Simpson breaks down the FinCEN report on this topic, noting that ransomware SAR filings are on the rise. Additionally, she also discusses different ransomware typologies and ways credit unions can protect themselves from ransomware.
314(b) Information Requests to Debilitate Terrorism: Regulatory Compliance Counsel JaMonika Williams discusses the USA PATRIOT Act’s efforts to enable credit unions to combat terrorist financing. In particular, Williams focuses on how 314(b) information sharing among financial institutions can be a critical tool in stopping terrorist financing activities in the U.S. financial system.
FinCEN has been relatively quiet in 2022, but the agency has been working diligently to implement the Corporate Transparency Act (CTA). This edition of the BSA Pulse discusses how FinCEN intends to implement the CTA through three separate rulemakings and walks through where each of those rulemakings currently stand.
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