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Washington
CU comment sought on BSA rule
WASHINGTON (12/2/09)—The Financial Crime Enforcement Network (FinCEN) is amending Bank Secrecy Act (BSA) information-sharing rules to expand the list of parties allowed to submit 314(a) requests for information to financial institutions and the Credit Union National Association (CUNA) is seeking credit union comment on the plan. FinCEN has proposed to allow certain foreign law enforcement agencies, as well as state and local law enforcement agencies, to submit information requests to credit unions and other financial institutions. The proposed rule also clarifies that FinCEN, on its own behalf and on behalf of other appropriate U.S. Departmentof Treasury components, may submit information requests to financial institutions. Under the current rule, FinCEN may require U.S. financial institutions to search their records to determine if they have maintained or conducted a transaction with a person that a federal law enforcement agency has certified is engaging in money laundering or terrorist activity. The proposed new rule seeks to broaden access to the information-sharing program beyond federal law enforcement agencies because, FinCEN maintains, it has resulted in significant investigative benefits in major money laundering and terrorist financing cases. CUNA requests comment by Dec. 7; comments are due to FinCEN by Dec. 16. Use the resource link below to read the complete CUNA comment call.


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