FinCEN survey does not include credit unions or depository institutions

The Financial Crimes Enforcement Network (FinCEN) published a survey Tuesday seeking compliance cost estimates from specific non-bank financial institutions as it examines ways to reduce costs associated with anti-money laundering, counter-financing of terrorism (AML/CFT) compliance.

Credit unions (and other depository institutions) are not included in the list of respondents, but America’s Credit Unions will engage the Treasury and FinCEN on the need for understanding of BSA/AML costs for credit unions.

The survey seeks information on direct costs incurred by, specifically, casinos and card clubs; money services businesses; insurance companies; dealers in precious metals, precious stones, or jewels; operators of credit card systems; and loan or finance companies.

According to FinCEN, “responses will help us understand the financial impact of these regulations and will be used to shape deregulatory proposals consistent with the Executive Orders of the Trump Administration.”