BSA, funds availability, ID fraud among top compliance issues of 2019

by NAFCU Newsroom

As NAFCU and the industry achieved some big wins in 2019, NAFCU’s Regulatory Compliance Team answered hundreds of questions and published blogs and other resources each month to help member credit unions stay updated on trends and compliant with changing regulations. Here’s a look at some of the most popular topics in 2019.

Bank Secrecy Act (BSA)

After topping the list last year, BSA/anti-money laundering (AML) issues remained top of mind for credit unions in 2019 as Congress considered legislation to provide NAFCU-sought relief. The association’s Compliance Team addressed several components of the issue throughout the year – from civil penalty increases, to hemp banking, to strengthening compliance, and more. In addition, this blog from 2018 on disclosing suspicious activity reports (SARs) continued to be widely-read.

 

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