House committee advances BSA/AML reform bill
The House Financial Services Committee concluded a markup yesterday with the advancement of the amended Coordinating Oversight, Upgrading and Innovating Technology and Examiner Reform (COUNTER) Act, H.R. 2514, and four other bills.
The NAFCU-backed COUNTER Act, as amended during Wednesday's discussions, was passed by a 55-0 vote. A NAFCU-sought amendment included in the bill seeks to reduce the burden of certain Suspicious Activity Report (SAR) filings on financial institutions and would index the threshold for Currency Transaction Reports (CTRs) to inflation. The bill would also make improvements to the BSA/AML regime, such as improved examiner training, and encourage innovation in the AML system.
Several Committee members, including Rep. Barry Loudermilk, R-Ga., acknowledged that regulations such as CTRs impose burdens on smaller institutions like credit unions, increasing costs and taking valuable time away from staff.
NAFCU will continue to review the final bill and monitor it as it moves to the House floor.
The committee held H.R. 2513, the Corporate Transparency Act of 2019, offered by Rep. Carolyn Maloney, D-N.Y., for a future mark-up at the request of the bill sponsors in an effort to garner additional support. NAFCU has expressed its support for the legislation, which aims to help financial institutions comply with the new Customer Due Diligence (CDD) rule.
NAFCU has been active in seeking BSA/AML improvements and relief for credit unions. Last year, a NAFCU witness previously testified on the need for BSA/AML reforms and, ahead of the markup, NAFCU Vice President of Legislative Affairs Brad Thaler urged the committee to strengthen and improve the BSA/AML system.
The committee also established two new task forces on FinTech and Artificial Intelligence as part of the markup. NAFCU acknowledges that fintech can produce real benefits to consumers but has urged lawmakers and regulators to ensure a level playing field between fintech companies and financial institutions, from data security to consumer protection.
Add to Calendar 2019-06-06 14:00:00 2019-06-06 14:00:00 BSA: The SAR Narrative Process The Suspicious Activity Report (SAR) Narrative is a crucial part of a credit union’s Bank Secrecy Act (BSA) reporting process. The narrative should provide law enforcement with key information surrounding any suspicious activity that may be occurring at your institution. In this webinar, you will learn how to write the type of narrative to entice law enforcement to move your report to the must read pile! We’ll also discuss the SAR process and provide best practices for drafting a strong narrative. Key Takeaways: Discuss how to monitor suspicious activity Review SAR Drafting Understand how to defend your narrative Learn how to defend your decision(s) not to file Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until June 6, 2020.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Bank Secrecy Officers (NCBSOs) NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) BSA Staff Compliance Staff Risk Staff Credit Union Staff Attorneys Open to all credit unions, regardless of membership or charter type! Education Credits NCCO credit information is below; recommended 1.5 CPE credits. NCRM credit information is below; recommended 1.5 CPE credits. NCBSO credit information is below; recommended 1.5 CPE credits. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Discuss how to monitor suspicious activity. Review SAR Drafting. Understand how to defend your narrative. Learn how to defend your decision(s) not to file. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: CPE, NCCO, NCRM, NCBSO
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