anti money laundering compliance template

National Credit Union Administration Regulations.Recent Final Rule Part 748 Filing Requirements for Suspicious Activity Reports (opens new window).The Office of Foreign Assets Control (OFAC) Encourages Persons to Communicate OFAC Compliance Concerns Related to the Coronavirus Disease 2019 (COVID-19) (opens new window)įor federally insured credit unions, the BSA is addressed in Part 748 of the NCUA Rules and Regulations and Title 31 of the Code of Federal Regulations. The links to these regulations are provided below.The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic (opens new window).FinCEN Coronavirus Updates (opens new window).NCUA Coronavirus (COVID-19): Information for Federally Insured Credit Unions and Members.BSA NewsĪgencies Issue Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons Treasury and FinCEN regulations use the term “bank” to define a variety of financial institutions, including credit unions. Please note the term “bank” is used interchangeably with “credit union” for ease in drafting joint statements from the FFIEC Agencies. NCUA plays a critical role in implementing BSA regulations by developing examination guidance, ensuring compliance with the BSA and enforcing the BSA in federally insured credit unions. (q)(2) requires that the National Credit Union Administration (NCUA) include a review of the BSA compliance program at each examination of a federally insured credit union. financial system and the financial institutions that make up that system from the abuses of financial crime, including money laundering, terrorist financing and other illicit financial transactions.Īll credit unions must comply with the BSA regulations. The BSA is intended to safeguard the U.S. In 1970, Congress passed the Currency and Foreign Transactions Reporting Act commonly known as the “Bank Secrecy Act” (BSA), establishing recordkeeping and reporting requirements by private individuals, banks and other financial institutions.

Anti money laundering compliance template