Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON — Federally insured credit unions will no longer have to report certain financial transactions over $10,000, as a result of amendments to the Bank Secrecy Act, which take effect Jan. 5.Credit unions will not have to file initial Designation of Exempt Person forms or conduct annual reviews for financial institutions and governments.Credit unions won’t have to report certain transactions by members after the member has conducted five or more reportable cash transactions in a year and has maintained a transaction account for at least two months or the credit union has conducted a risk-based analysis.The Financial Crimes Enforcement Network, which enforces the Bank Secrecy Act, said the analysis should include such factors as whether the credit union has a relationship with the member, pertinent characteristics of the member’s business model, the type of business in which the member is engaging, and where the business operates.Credit unions will have to file an initial DEP form for these members, but will no longer have to file additional forms on this person every two years. The credit union will, however, be required to do an annual review to determine if the member continues to be eligible for exemption.

Trades Praise NCUA on Insurance Coverage Changes; CUNA Asks for More

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?

Peter Westerman


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.