Removing Barriers Blog

FinCEN releases latest notice on BSA regulations
Posted December 14, 2020 by CUNA Advocacy

On December 11th, Treasury’s Financial Crimes Enforcement Network (FinCEN) released the latest in a series of Paperwork Reduction Act notices requesting comment on a proposed renewal, without change, of a currently approved information collection authorized for existing Bank Secrecy Act (BSA) regulations.  Comments on this notice are due by February 9, 2021.

While CUNA continues to advocate for regulatory flexibility for credit unions covered by the Bank Secrecy Act (BSA), we also help credit unions stay informed about FinCEN’s sub-regulatory guidance on BSA issues.  Last week, FinCEN released an update to their 314(b) fact sheet containing helpful information about the ability of financial institutions to share information with one another to better identify and report activities that may involve money laundering or terrorist activities while complying with the requirements for a BSA safe harbor that offers liability protections.

For more information about this fact sheet and other BSA-related compliance issues, please visit the CUNA Compliance blog.