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The NCUA will give credit unions more time to comply with new Bank Secrecy Act and money laundering rules requiring that the identity of beneficial account owner be disclosed at the time an account is opened, Board Chairman J. Mark McWatters said in a recent letter to financial institutions.

In the letter, McWatters said that credit unions were required to comply with the new rules on May 1.

David Baumann

Credit Union Times

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