WASHINGTON-A Memorandum of Understanding has been reached between Treasury's Financial Crimes Enforcement Network, NCUA, and the federal banking regulators establishing information sharing procedures between the agencies and FinCEN. "The enhanced collaboration will help FinCEN better administer the [Bank Secrecy Act] while simultaneously assisting the regulators to better fulfill their roles as banking organization supervisors," Treasury Under Secretary for the Office of Terrorism and Financial Intelligence Stuart Levey said. Under the MOU, the agencies will provide FinCEN an annual report and, for the first year, each agency will provide a summary of its BSA examination program. In addition, the MOU requires submission of program documents and quarterly reports, special BSA examination project information, and significant BSA violations or deficiencies. "Through this MOU," it reads, "the Agencies intend to improve and enhance the level of interagency cooperation in the area of BSA examination and compliance. From the standpoint of policy, examination, and enforcement, this MOU will enable the Agencies to maximize their resources in discharging their statutory obligations. Ultimately, the collective goal of the Agencies is to enhance communication and coordination to help financial institutions identify, deter and interdict terrorist financing and money laundering." The MOU is aimed at helping FinCEN administer the BSA and enabling the regulators in their supervisory efforts. The MOU is intended to better ensure report filing and record keeping compliance, which "have a high degree of usefulness in criminal investigations and fighting terrorism."
FinCEN, Federal Regulators Agree on BSA Information Sharing Procedures
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!