The NCUA on Wednesday issued a letter to credit unions regarding anti-money laundering and countering the financing of terrorism policy, known as AML/CFT priorities, issued by the Secretary of the Treasury.
The NCUA issued the letter along with an attached interagency statement and stated that:
- the agency plans to revise its BSA regulations, as necessary, to address how the AML/CFT priorities will be incorporated into credit unions’ BSA requirements;
- credit unions are not required to incorporate the AML/CFT priorities into their risk-based BSA compliance programs until the effective date of a final revised regulation;
- examiners will not examine for incorporation of AML/CFT priorities into BSA compliance programs until a final regulation implementing the AML/CFT priorities becomes effective; and
- credit unions may wish to start considering how they will incorporate the AML/CFT priorities into their risk-based BSA compliance programs.
The letter to credit unions can be accessed on the NCUA website.