Compliance: Agencies address benefits of BSA collaboration

The Treasury’s Financial Crimes Enforcement Network (FinCEN) joined federal financial regulators, including NCUA, last week to issue a joint statement on sharing Bank Secrecy Act (BSA) resources. The statement addresses the benefits of financial institutions entering into collaborative arrangements to help manage their BSA and anti-money laundering (AML) obligations more efficiently and effectively.

Collaborative arrangements as described in the statement generally are most suitable for financial institutions with a “community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing.”

Among other things, the statement aims to:

• Highlight the potential benefits of collaborative arrangements that pool resources, such as staff, technology, or other resources, to increase operational efficiencies, reduce costs, and leverage specialized expertise; and

 

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