We use cookies to improve your experience and optimize user-friendliness. Read our privacy policy for more information on the cookies we use and how to delete or block them. To continue browsing our site, please click accept.
Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance: BSA/AML has been a supervisory priority for the last several years. The NCUA highlighted various documents released by agencies impacting BSA and AML. These include an updated Federal Financial Institution Examination Council (FFIEC) BSA/AML exam manual. NCUA is currently involved in providing further updates to the exam manual and providing suggestions to improve Suspicious Activity Reporting and Currency Transaction Reporting. Among other BSA and AML focus points will be appropriate customer due diligence and beneficial ownership procedures.
Hemp-related businesses: NCUA advises credit unions that have chosen to serve hemp-related businesses to ensure they have the necessary expertise and resources to serve these members safely and soundly, and be able to comply with all applicable laws and regulations.
Consumer protection regulation compliance: One area of consumer protection regulations that NCUA specifically mentioned is fair lending compliance management systems. NCUA will be examining board and management oversight, policies and procedures, training, monitoring and corrective action, and member complaint response.
Want to be ready for your next exam? Contact Doeren Mayhew’s compliance specialists to help validate your compliance with applicable regulations.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
To View this Resource
A quick registration is required to view our resources. You will only be asked to do this one time (unless you don't save your browser cookies).