FinCEN

The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule Friday amending financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs to explicitly require that such programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles. The proposed …

FinCEN proposes to update AML/CFT program requirements Read More »

America’s Credit Unions opposes a change to the Customer Identification Program (CIP) rule to allow the partial collection of a social security number (SSN) for identity verification purposes.  Credit union concerns are outlined in a comment letter to the Financial Crimes Enforcement Network (FinCEN) sent Tuesday, in response to FinCEN’s request for comments related to …

CIP rule should not be amended to allow for partial SSN collection Read More »

Ahead of Tuesday’s House Small Business Committee hearing to examine the Financial Crimes Enforcement Network’s (FinCEN) implementation of the Corporate Transparency Act (CTA), America’s Credit Unions President/CEO Jim Nussle explained that rules and regulations related to anti-money laundering  and countering the financing of terrorism (AML/CFT) are overly burdensome to credit unions.  Nussle offered strong support …

Nussle details how CUs are impacted by FinCEN’s CTA implementation  Read More »

The Financial Crimes Enforcement Network (FinCEN) today will host a webinar on beneficial ownership information (BOI) reporting requirements. The webinar will begin at 2 p.m. Eastern and is available on FinCEN’s YouTube channel.  In February, FinCEN passed a final rule on BOI access to govern who can access BOI and how it can be accessed. …

FinCEN to host BOI webinar  Read More »

The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis focusing on patterns and trends identified in Bank Secrecy Act (BSA) data linked to Elder Financial Exploitation (EFE) – the illegal or improper use of an older adult’s funds, property, or assets. FinCEN examined BSA reports filed between June 15, 2022, and June …

FinCEN issues analysis on elder financial exploitation Read More »

America’s Credit Unions’ Luke Martone wrote to the Financial Crimes Enforcement Network (FinCEN) regarding the burden associated with completing suspicious activity reports (SARs). Martone also provided suggestions on how to improve the SAR reporting process.   “As detailed below, we believe the burden estimate to complete a SAR of two hours is low, as members report …

America’s Credit Unions details burdens associated with SARs Read More »

The Beneficial Ownership Information (BOI) database established under the Corporate Transparency Act (CTA) should provide significant and important relief for credit unions from the Financial Crimes Enforcement Network’s (FinCEN) customer due diligence (CDD) requirements, America’s Credit Unions wrote Friday. Comments were sent in response to FinCEN’s proposed information collection regarding BOI requests. America’s Credit Unions’ …

Instructions, guidance on BOI requests needed as soon as possible Read More »

Updating anti-money laundering and countering the financing of terrorism (AML/CFT) rules and regulations would relieve significant—and increasing—compliance burdens on credit unions, America’s Credit Unions wrote to the Financial Crimes Enforcement Network (FinCEN) Friday. The comments were sent in response to a FinCEN request for comment on Currency Transaction Report (CTR) filing. “The current CTR threshold …

Updating CTR threshold would relieve strain on credit union resources Read More »

The Financial Crimes Enforcement Network (FinCEN) issued a small entity compliance guide Tuesday to provide information on the requirements for accessing beneficial ownership information (BOI).  FinCEN’s final rule regarding BOI access went into effect Tuesday and requires reported BOI to be confidential, protected, and disclosed only to certain authorized parties. The guide provides an overview …

FinCEN issues BOI compliance guide Read More »

The Financial Crimes Enforcement Network’s (FinCEN) request for comment on collection of beneficial ownership (BOI) access information outlines the method by which financial institutions provide certification to FinCEN  when requesting access to the database. America’s Credit Unions urges credit unions to help shape the discussion and ensure comments address the appropriate needs through their feedback. …

Feedback sought on financial institution access to BOI database Read More »