X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.