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New BSA Blast highlights FinCEN notice, SARs
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 third quarter issue features articles from NAFCU’s award-winning Compliance Team on payroll tax evasion and worker compensation fraud schemes, an overview on suspicious activity reports (SARs), and more.
In the first article, Regulatory Compliance Counsel JaMonika Williams discusses a recent notice from the Financial Crimes Enforcement Network (FinCEN), which details reported tax evasion and fraud efforts prevalent in the construction industry. Williams summarizes FinCEN’s description of these illegal schemes and notes some red flags that could alert credit unions to potential criminal activity.
In the second article, Senior Regulatory Compliance Counsel Justin White explores the narrative section of SARs. By looking through previous FinCEN guidance, White provides helpful tips about what information FinCEN would like credit unions to include in the SAR narrative.
The BSA Pulse discusses the announcement of Andrea Gacki as the next permanent Director of FinCEN, and how installing a new leader for the agency could help with the numerous rulemakings on the agency’s agenda that are awaiting action.
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.