Engaging with Bank Secrecy Act Advisory Group

As part of ongoing advocacy for Bank Secrecy Act (BSA) relief, America’s Credit Unions represented the credit union industry at the Financial Crimes Enforcement Network’s (FinCEN) BSA Advisory Group plenary session Thursday. The group provides advice to the Treasury on BSA reporting requirements, and is tasked with informing private sector representatives on how the information they provide is used.

The meeting covered several topics, with a focus on fraud, including how financial institutions are seeing, reporting, and responding to emerging fraud trends. FinCEN’s recently released guidance on Section 314(b) information sharing was also discussed. The guidance reflects recommendations America’s Credit Unions has made during its engagement with FinCEN and other agencies.

America’s Credit Unions solicited feedback from members prior to the meeting, including from the Fraud Task Force on how credit unions are detecting and responding to fraud, and what actions would help credit unions protect members.

America’s Credit Unions will continue to engage with policymakers on the need for additional government resources to help protect members from fraud.