Newsroom

July 23, 2019

FI regulators offer insights to BSA/AML supervision

regulationsThe NCUA, along with three other federal bank regulators and the Financial Crimes Enforcement Network (FinCEN), on Monday issued a joint statement related to Bank Secrecy Act (BSA)/anti-money laundering (AML) supervision that is "intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations."

The statement stems from a working group established by the Treasury Department's Office of Terrorism and Financial Intelligence. It does not establish new requirements for BSA/AML compliance, but rather reinforces the regulators' "long-standing practices for risk-focused safety and soundness examinations."

It outlines how banks should structure their compliance programs to ensure resources are allocated appropriately among risks, and how the banking agencies conduct risk-focused BSA/AML examinations based on the risk profile of each bank.

NAFCU has myriad resources on BSA compliance available online, and credit unions can still register to attend the association's BSA Seminar, happening Aug. 11-14 in Minneapolis, Minn. Seminar attendees have the opportunity to earn the prestigious NAFCU Certified Bank Secrecy Officer designation.

The association's new Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.