Agencies Comment on Issuance of the AML/CFT National Priorities

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The Anti-Money Laundering Act of 2020 (AML Act) requires the Secretary of the Treasury, in consultation with the Attorney General, federal functional regulators, relevant state financial regulators, and relevant national security agencies, to establish and make public priorities for anti-money laundering and countering the financing of terrorism policy (AML/CFT Priorities). On June 30, 2021, the Secretary of the Treasury issued the AML/CFT Priorities.

The National Credit Union Administration (NCUA) issued a Letter to Credit Unions with the attached interagency statement to provide the following:

  • NCUA 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.
  • Credit unions may wish to start considering how they will incorporate the AML/CFT Priorities into their risk-based BSA compliance programs.

Read the Letter to Credit Unions here.

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