As credit unions work to address anti-money laundering/countering the financing of terrorism (AML/CFT), the NCUA and the Financial Crimes Enforcement Network (FinCEN) are urged to continue implementing consistent requirements to ease compliance. In comments filed with the NCUA Tuesday, America’s Credit Unions Regulatory Advocacy Senior Counsel Luke Martone outlined how this continued collaborative effort would avoid placing undue burdens on credit unions.

NCUA issued its Notice of Proposed Rulemaking (NPRM) with other federal financial regulators to ensure their requirements remain consistent with those proposed by FinCEN.

“In addition to changes in this NPRM to maintain consistency with the FinCEN proposal, the NPRM would incorporate into section 748.2 of the NCUA’s regulations language identical to that included in section 1020.210 of FinCEN’s regulations regarding customer due diligence,” Martone wrote. “Similar to the broader changes included in this NPRM, we believe it is important to maintain consistency with regard to the customer due diligence requirements between the NCUA’s and FinCEN’s regulations.”

America’s Credit Unions filed comments on FinCEN’s proposed changes last month noting that adequate time will be needed for financial institutions to implement the required changes.