John Zasada, Compliance Consulting Director, Financial Institutions Group
On Jan. 18, 2022, the National Credit Union Administration (NCUA) issued Letter No: 22-CU-02 containing the NCUA’s Supervisory Priorities for 2022. Consistent with the past several years, one of the NCUA’s top Supervisory Priorities is the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT). Every NCUA exam includes BSA and AML/CFT reviews. The NCUA also pointed out that there will be several new BSA and AML/CFT requirements implemented in 2022. These requirements will necessitate updates to credit union’s BSA and AML/CFT policies, procedures and processes.
The NCUA also pointed out the following five other regulatory areas that will be a priority for examiners during examinations:
The COVID-19 pandemic (mortgage forbearances, loan accommodations)
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