X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – The Government Accountability Office was recently tasked with investigating how federal banking regulators, including NCUA, examine for Bank Secrecy Act compliance and identify and track violations for speedy fixes.

GAO made a number of recommendations, such as better communicating emerging risks through updates of the interagency examination manual and other guidance used by NCUA, the Financial Crimes Enforcement Network, and the federal banking regulators. The agencies should periodically review BSA violation data to determine whether additional guidance is necessary. GAO also recommended that the agencies look into the possibility of developing a uniform classification system for BSA compliance problems. FinCEN and the regulators supported its suggestions, according to GAO.

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

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.