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| Encouraging further AML/CFT relief from NCUA |
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The NCUA’s renewal of Office of Management and Budget information collection related to anti-money laundering/countering the financing of terrorism (AML/CFT) provided America’s Credit Unions the opportunity to share credit union perspectives on the need for regulatory relief.
A letter sent to NCUA Wednesday shares recent survey data collected from credit unions on the burden of Suspicious Activity Report/Currency Transaction Report (SAR/CTR) reporting.
The letter urges the NCUA to take a closer look at whether its estimate for maintaining an AML/CFT program accurately reflects the burden on credit unions of different sizes and complexity.
It also reiterates America’s Credit Unions’ support for higher SAR and CTR reporting thresholds, simpler filing requirements, and broader Bank Secrecy Act modernization, and encourages the NCUA to support those changes in its work with the Financial Crimes Enforcement Network.
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