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| FinCEN should survey Credit Unions on AML/CFT Compliance Costs |
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The Financial Crimes Enforcement Network (FinCEN) issued a survey Tuesday specifically aimed at casinos, money servicing businesses, and other non-bank financial institutions to address anti-money laundering/counter financing of terrorism (AML/CFT) compliance costs – without a corresponding survey for credit unions and other financial institutions.
To address this missed opportunity, America’s Credit Unions Regulatory Advocacy Counsel Tyler Maron wrote to FinCEN Thursday, emphasizing how FinCEN can learn valuable compliance cost information from credit unions.
“Like nonbanks, credit unions and other depository institutions face burdensome AML/CFT compliance costs and obligations. Participation in a compliance survey would allow our members to share the extent and impact of such costs,” Maron wrote.
America’s Credit Unions supports modernizing Currency Transaction Reports/Suspicious Activity Reports (CTR/SAR) reporting thresholds. Representatives also recently advocated for reforming CTR/SARs at a Treasury roundtable, as well as more practical, risk-based compliance requirements. As shared in the letter, the discussion “highlighted the importance of collecting real-world data on credit unions’ AML/CFT costs.”
Copyright 2025. America's Credit Unions. (link) |
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