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A new edition of NAFCU's BSA Blast – in its user-friendly digital format with direct links to each section – is now available on the NAFCU website. The February issue takes a look at hemp banking guidance from various agencies and summarizes Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco's latest speech related to Bank Secrecy Act (BSA) issues.

The BSA Blast is a NAFCU member-only quarterly enewsletter offering coverage and analysis of credit union compliance issues and industry activity concerning the BSA and related issues.

In the first article, NAFCU Regulatory Compliance Counsel Reginald Watson reviews guidance related to the issue of hemp banking from the NCUA and FinCEN.  

"NCUA provides general guidance to help credit unions understand and evaluate the risks of serving hemp-related businesses," writes Watson. "The USDA’s interim final rule creates a regulatory framework for the growth and cultivation of hemp. FinCEN issued its initial interpretations in response to the USDA interim final rule."

In another article, Watson details remarks made by FinCEN Director Blanco at a conference during the final quarter of 2019, including how BSA data is used by the agency, the BSA Value Project, working group efforts, organizational realignment and the importance of beneficial ownership information.

"Blanco’s comments can be helpful indicators of FinCEN's work and views on certain topics but are not a substitute for the agency's formal regulations and guidance," notes Watson.

This edition also includes a round-up of recent financial regulator activity and a Q&A forum, with questions and answers on aggregating currency transactions for businesses and filing suspicious activity reports for identity theft situations.

The BSA Blast will continue to publish quarterly throughout the year. Access more from NAFCU's award-winning Compliance Team, including the latest version of NAFCU's compliance calendar, here.