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New BSA Blast highlights FinCEN AML rules, enforcement
A 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 quarter issue features articles from NAFCU’s award-winning Compliance Team on anti-money laundering (AML) and countering the financing of terrorism (CFT), Financial Crimes Enforcement Network (FinCEN) enforcement actions, and more.
In the first article, Director of Regulatory Compliance Nick St. John discusses the AML Act of 2020 and where FinCEN stands in creating national AML/CFT examination and supervision priorities. St. John notes although FinCEN announced the priorities two years ago, it has not created an official set of rules to implement the AML Act.
The second article highlights FinCEN’s approach to enforcing the Bank Secrecy Act. Senior Regulatory Compliance Counsel Keith Schostag explains which factors the agency considers for enforcement and how the agency has applied those factors in the past.
The BSA Pulse provides notes on Russian attempts to evade U.S. export controls, congressional testimony from FinCEN on creating a new whistleblower program, and recent enforcement against crypto companies.
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.