February 02, 2023

New on the Compliance Blog: Merger record retention, FinCEN’s ‘new power’

ComplianceAs credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday. 

Here's a roundup of what's new this week:

Merger and Acquisition Record Retention: Survivor Edition: Regulatory Compliance Counsel JaMonika Williams writes about the circumstances related to record retention policies that arise when two credit unions merge and how to clarify which of the two credit unions’ policies should be followed.

FinCEN Flexes New Power in Bitzlato Order: Director of Regulatory Compliance Nick St. John details the Financial Crimes Enforcement Network’s (FinCEN) first use of its power to declare an institution to be a “primary money laundering concern in connection with Russian illicit finance.” St. John explains that this “new power” was included as a provision in the 2021 National Defense Authorization Act and allows the Treasury Department and its subagencies – such as FinCEN – to declare certain institutions, types of transactions, or certain accounts to be instruments of Russian money laundering.

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