Statement to CUs: Sharing BSA Resources

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Federal agencies issued a joint statement that addresses instances in which they may decide to enter into collaborative arrangements to share resources to more efficiently and effectively manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations, thereby better protecting against illicit finance risks, which can in turn also reduce costs. The statement was jointly developed between the National Credit Union Administration, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Click here to read the statement.

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