Reg Agencies Address Benefits of BSA Collaboration; NJCUL Provides Members Affordable BSA Training for Staff and Boards

The Treasury’s Financial Crimes Enforcement Network (FinCEN) joined federal financial regulators, including the National Credit Union Administration (NCUA), last week to issue a joint statement on sharing Bank Secrecy Act (BSA) resources. The statement addresses the benefits of financial institutions entering into collaborative arrangements to help manage their BSA and anti-money laundering (AML) obligations more efficiently and effectively.

Collaborative arrangements as described in the statement generally are most suitable for financial institutions with a “community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing.”

Among other things, the statement aims to:

  • Highlight the potential benefits of collaborative arrangements that pool resources, such as staff, technology, or other resources, to increase operational efficiencies, reduce costs, and leverage specialized expertise; and
  • Outline risk considerations and mitigation measures associated with the use of collaborative arrangements.

The statement notes that financial institutions should approach the establishment of collaborative arrangements like other business decisions, with due diligence and thorough consideration of the risks and benefits.

NJCUL’s Affordable, Off-the-Shelf BSA Training
Credit union staff members and volunteers are required to complete annual Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) training. The League offers affordable, recorded BSA webinars to members for their staff and volunteers to get the required annual training. Since the program’s launch in April, over 325 management, staff, and volunteers of NJCUL member credit unions have taken the NJCUL’s BSA virtual training to fulfill annual regulatory requirements

The convenient, affordable, on-demand training helps credit unions meet the law’s objectives, including the BSA-assigned requirements for record keeping and reporting. Also, the training teaches proper maintenance under BSA for records that could provide evidence potentially used by law enforcement agencies in prosecuting money laundering and other financial crimes.

Click here for information on the BSA Training for Staff.
Click here for information on the BSA Training for Volunteers.

in Compliance & Regulatory News