Dear Board of Directors and Chief Executive Officer:
To assist credit unions and banks, a joint statement was developed that addresses instances in which they may decide to enter into collaborative arrangements to share resources to more efficiently and effectively manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations. The statement was jointly developed between the National Credit Union Administration, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the U.S. Department of Treasury’s Financial Crimes Enforcement Network.