June 30, 2022

New BSA Blast covers elder financial exploitation, virtual currency crime, more

ComplianceA new edition of NAFCU's BSA Blast is now available on the association's website, in its user-friendly digital format with direct links to each section. The second quarterly issue features articles reviewing elder financial exploitation and BSA guidance relating to virtual currencies.

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

In the first featured article, NAFCU Senior Regulatory Compliance Counsel Nick St. John tackles elder financial exploitation, with a focus on the Financial Crimes Enforcement Network (FinCEN) and CFPB guidance on the topic. In addition, the article provides credit unions with practical steps to fight elder financial exploitation, such as filing suspicious activity reports and using a “trusted contact” for older members.  

In the second featured article, St. John examines how criminals have been utilizing virtual currencies, and the steps the federal government has taken to combat their illicit use. The article discussed the Office of Foreign Asset Control actions against certain virtual currency organizations, as well as FinCEN’s guidance on the topic over the years.

This edition also includes the BSA Pulse, which provides an update on FinCEN’s Spring 2022 rulemaking agenda.

Access more from NAFCU's award-winning Compliance Team here.