CUNA Bank Secrecy Act Task Force
CUNA has heard the concerns of our members loud and clear regarding the enforcement of the Bank Secrecy Act. We want to help address your concerns and alleviate your frustrations. To that end, CUNA has formed a Bank Secrecy Act Task Force. The purpose of the newly-appointed BSA Task Force is to serve as a focal point to identify credit union issues and develop recommendations for improvements in the implementation of BSA requirements. We have also put together a list of BSA resources to assist credit unions with BSA requirements.
Members of the Task Force will be meeting with regulators in coming months to relay problems and push for feasible regulatory improvements.
Your participation in this endeavor is critical to its success. We need to hear from you about your BSA problems, including issues with examiners, regarding BSA implementation and any suggestions you have for improvements. To facilitate your involvement, below is a link you can use to email your concerns to CUNA – you will get a quick response from CUNA staff, and your email will be provided to the Task Force for its review.
We can’t promise miracles with BSA and BSA repeal is not likely, but we will work very hard to identify concerns, make sure regulators are well aware of credit union issues, and advocate for improvements, consistent with statutory requirements.
TASK FORCE
SHARE YOUR CONCERNS AND RECOMMENDATIONS
- Share your issues and suggestions to improve the BSA regulatory process.
- Read about other CU’s responses and suggestions
BSA RESOURCES AND LINKS
- Bank Secrecy Act - Revised Bank Secrecy Act/anti-money Laundering Examination Manual
- Office of Foreign Assets Control (OFAC)
- CUNA eGuide to Federal Laws and Regulations/BSA
- CUNA BSA Compliance Guide
- NCUA BSA Resource site Note: this site contains regulations, regulatory alerts, and letters to credit unions issued by NCUA.
- FinCEN's "What's New" page
- CUNA report on SAR Guidance issued by FinCEN
- FFIEC BSA/AML InfoBase (online version of FFIEC BSA/AML examination manual)
- FinCEN BSA Guidance
- SAR Resources (SAR Activity Reviews and SAR Bulletins issued by FinCEN)
- FinCEN Regulatory Rulings
- USA PATRIOT Act
- SAR Activity Review – Trends, Tips & Issues (Most Recent Report)
- SAR Activity Review – By the Numbers (Most Recent Report)
- FinCEN Financial Institution Hotline
- FinCEN Issues Guidance on Common SAR Errors
