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January 25, 2021

NAFCU publishes new resource breaking down key BSA/AML reforms in NDAA

BSANAFCU is committed to ensuring credit unions have the resources they need to remain informed of the ever-changing legislative and regulatory environment. The association recently released a new resource summarizing the Anti-Money Laundering Act of 2020 and Corporate Transparency Act provisions included in the fiscal year 2021 National Defense Authorization Act.

The final NDAA included several NAFCU-fought wins for credit unions: It didn't include the harmful provision that would have treated banks the same as a military installation's local, not-for-profit credit union when it comes to nominal leases, and did include language to make Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms.

NAFCU's easy to navigate summary document compiles pertinent BSA/AML provisions included in the bill into a chart and provides both a brief analysis of the provisions and information on the agency in charge of implementing the changes.

The association recently released a similar resource summarizing key relief provisions enacted under the Phase 4 coronavirus relief and FY2021 federal government omnibus measure and has updated its chart outlining the expiration dates enacted under the package.

NAFCU's dedicated coronavirus resource page has a number of additional resources, including links to pandemic-related webinars, compliance blog posts, and the latest developments related to NAFCU's 2021 conference lineup.

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