NAFCU will meet today with Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco to discuss the agency’s ongoing priorities and credit unions’ regulatory burden associated with suspicious activity report (SAR) filings, among other concerns.
This is NAFCU’s first meeting with Blanco, who was named to the post in November. In September, NAFCU President and CEO Dan Berger met with then FinCEN Acting Director Jamal El-Hindi, now the agency’s deputy director. NAFCU has previously raised concerns about the regulatory burden presented by FinCEN’s rules on collecting SARs, and has also addressed with FinCEN the currency transaction reporting process.
NAFCU has also voiced its concerns regarding the FinCEN’s final due diligence rules, effective May 11, because of the costs and burden they would impose on credit unions. The rules would amend the agency’s existing rules, including a requirement for those opening bank or credit union accounts for a “legal entity” to provide information on the beneficial owners of the account.
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