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New BSA Blast details updates from FinCEN, FFIEC
A new edition of NAFCU's BSA Blast – in its user-friendly digital format with direct links to each section – is now available on the association's website. The second quarter issue details updates from the Financial Crimes Enforcement Network (FinCEN) and Federal Financial Institutions Examination Council (FFIEC).
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's Regulatory Compliance Team breaks down FinCEN's request for information on model risk management and advance notice of proposed rulemaking (ANPR) on beneficial ownership requirements as the agency prepares for upcoming changes to Bank Secrecy Act (BSA)/anti-money laundering (AML) rules and requirements.
For more information on the ANPR, NAFCU previously sent members a Regulatory Alert breaking down what credit unions need to know.
In addition, the second featured article reviews recent updates to the BSA/AML Examination Manual made by the FFIEC in February and June of this year. The article breaks down the changes, which effect eight of the manual's sections.
This edition also includes the BSA Pulse, which highlights several items of note included in FinCEN's spring regulatory agenda, which includes a total of nine entries. The article notes that some items included on the agenda were published in prior versions of the unified agenda, while some items are new and implement provisions of the Anti-Money Laundering Act of 2020.
Access more from NAFCU's award-winning Compliance Team, including the latest version of NAFCU's compliance calendar, here.