NCUA issues New BSA/AML Examination Expectations

Wednesday, September 5, 2018

NCUA issued a new Letter to Credit Unions, 18-CU-02, notifying credit unions of examination practices involving the recent Bank Secrecy Act/Anti Money Laundering Rule (BSA/AML) changes regarding consumer due diligence and beneficial ownership. The U.S. Department of Treasury published the rule with an effective date of May 11, 2018 .  The supervisory letter that accompanied this notification details NCUA's examination expectations for all federally-insured credit unions when reviewing compliance within BSA/AML areas.  These new procedures will be included in the Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual. To provide easy access to BSA/AML information, NCUA is maintaining a web page which consolidates BSA/AML resources.


Enclosures within this Letter to Credit Unions

Printed from the website on September 29, 2020 at 9:20pm.