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 First Quarter issue is available now!
In This Issue
Congress Amends Anti-Money Laundering Whistleblower Improvement Act: Senior Regulatory Compliance Counsel Becky Tetreau discusses recent legislative changes to the whistleblower provisions in federal anti-money laundering (AML) laws. Tetreau provides an analysis of the changes to these provisions. Of note, Tetreau explains that AML whistleblower laws now have more “bite” by providing that whistleblowers will receive a minimum of 10 percent of the monetary sanctions imposed in actions resulting from the information they provide.
From Russia with Love: Sanctions Evasion: As the Russian invasion of Ukraine crosses its one-year anniversary, Director of Regulatory Compliance Nick St. John provides an overview of FinCEN’s publications regarding Russian sanctions evasion. St. John uses recent FinCEN publications to detail how Russian oligarchs have attempted to transfer wealth to their family members and associates, and to store their funds in high-value assets including commercial real estate.
As credit unions provide more services in a digital format, the risk of fraud increases. FinCEN’s Acting Deputy Director, Jimmy Kirby, recently delivered prepared remarks discussing an increase in identity related suspicious activity in 2022. This article discusses those remarks and Kirby’s hope that financial innovation and increased collaboration can provide solutions.
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