House passes NAFCU-sought BSA/AML, beneficial ownership reforms
Last night, the House passed NAFCU-sought legislation – the Corporate Transparency Act of 2019 and COUNTER Act of 2019 – which would help modernize Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements along with allowing financial institutions to access important beneficial ownership information about companies they serve.
"NAFCU applauds House passage of H.R. 2513 the Corporate Transparency Act of 2019 and COUNTER Act of 2019, which will make important improvements to the BSA/AML regime, and help prevent bad actors from gaining access to our nation's financial system through cloaked identities," said NAFCU President and CEO Dan Berger.
"More so, it will better equip financial institutions for compliance with FinCEN's Customer Due Diligence rule and encourage greater coordination between law enforcement and regulators on BSA/AML priorities, among other essential reforms," added Berger.
Ahead of the vote, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter to House leadership calling the bills "an important first step to improve the BSA/AML regulatory compliance regime for community institutions such as credit unions." Thaler also identified key provisions that would be helpful to credit unions, including:
- requiring companies to disclose their true "beneficial owners" to FinCEN for the creation of a database of beneficial ownership information that would be available to law enforcement agencies and financial institutions;
- encouraging more coordination between law enforcement and credit union examiners on BSA/AML priorities;
- directing the Treasury to study how currency transaction report (CTR) and suspicious activity report (SAR) requirements can be streamlined to ensure that law enforcement is receiving necessary information while reducing burdens on financial institutions;
- indexing the CTR threshold to inflation;
- directing FinCEN to study and design a modified SAR that would reduce compliance burdens on financial institutions; and
- increasing information sharing and allowing the sharing of compliance resources.
"We thank Rep. Carolyn Maloney and Rep. Emanuel Cleaver for their work on this important legislation, and Chairwoman Maxine Waters and Speaker Nancy Pelosi for bringing the bill to the House floor for a vote," stated Berger after the House passed the final bill. "We encourage the Senate to swiftly act on this important topic."
A NAFCU witness has previously testified on the need for BSA/AML reforms, and the association will encourage the Senate to consider this important legislation.
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Add to Calendar 2020-10-20 14:00:00 2020-10-20 14:00:00 Insurance Issues in the Time of COVID As the COVID-19 health crisis lingers, businesses continue to look to insurance for protection against losses due to revenue loss, cancelled events, government shutdown orders, and other coronavirus-related losses and resulting litigation. Join two Hunton Andrews Kurth insurance coverage attorneys, Sergio F. Oehninger and Geoffrey Fehling, as they discuss the complex issues involving insurance for COVID-19 losses. Attendees will leave this webinar with a better understanding of what policies may provide coverage for losses incurred during and after the COVID-19 pandemic; the importance of reviewing insurance policies to evaluate the adequacy of coverage both before and after a loss arises; and practical tips to navigate tricky areas such as notice, loss submissions and policy renewals. Key Takeaways Discuss the myth of “No coverage for COVID-19” that insurers and traditional media outlets are saying Review policies before a claim arises to be prepared and protected by insurance for the next loss Discuss COVID-19 claims tied to shutdown orders, business closures, loss of use of business facilities and similar suspended operations Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until October 20, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) Chief Operating Officers (COOs) Chief Financial Officers (CFOs) Risk staff Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. 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 the myth of “No coverage for COVID-19” that insurers and traditional media outlets are saying. Review policies before a claim arises to be prepared and protected by insurance for the next loss. Discuss COVID-19 claims tied to shutdown orders, business closures, loss of use of business facilities and similar suspended operations. 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: Specialized Knowledge – 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: NCRM, CPE
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