The Financial Crimes Enforcement Network today proposed requiring non-federally insured credit unions to comply with the same anti-money laundering rules as federally insured financial institutions.

Non-federally insured financial institutions, including credit unions, were exempt from the rules, according to an outline of the proposal published on the Federal Register website. FinCEN is proposing to remove that exemption—a plan that would affect about 265 credit unions, the network said.

While those institutions have not been required to have an anti-money laundering program, they have been subject to other provisions of the Bank Secrecy Act.

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