Quarterly BSA Enewsletter
The BSA Blast is a member-only quarterly enewsletter offering coverage and analysis of credit union compliance issues and industry activity concerning the Bank Secrecy Act (BSA) and Treasury's Office of Foreign Assets Control (OFAC) regulations.
The Fourth Quarter issue is available now!
In This Issue
Featured Articles
Beneficial Ownership Reporting Rule: The Burden of Reporting: Regulatory Compliance Counsel Judy Dahn discusses the new Beneficial Ownership Information (BOI) Reporting rule from the Financial Crimes Enforcement Network (FinCEN), which creates new obligations for certain businesses to report BOI directly to FinCEN. Dahn summarizes the rule and how it does and does not affect credit unions and discusses whether credit unions will need to change current BOI collection practices.
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The Largest Penalty in U.S. Treasury and FinCEN History: Regulatory Compliance Counsel Tara Simpson discusses the recent enforcement action against Binance, the largest cryptocurrency exchange in the world. Simpson discusses the alleged violations as well as what steps are required of Binance moving forward.
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BSA Pulse
In this quarter’s edition, the 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.
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