ALEXANDRIA, Va. (Dec. 3, 2018) – The National Credit Union Administration, the Financial Crimes Enforcement Network and three other federal depository institutions regulators issued today a joint statement encouraging depository institutions to explore innovative approaches to meet their Bank Secrecy Act and anti-money laundering compliance obligations and to further strengthen the financial system against illicit financial activity.
The joint-agency statement recognizes that private sector innovation, including new ways of using existing tools or adopting new technologies, can help combat money laundering, terrorist financing, and other illicit financial activity. Depository institutions are encouraged to implement innovative approaches responsibly where appropriate. The statement also makes clear that regulators are committed to continued engagement with the private sector to modernize and innovate in their BSA/AML compliance programs.
The NCUA establishes no new supervisory expectations related to the use of innovative strategies or technology like those discussed in the joint-agency statement and a credit union’s participation in such innovations related to BSA/AML compliance will not affect the agency’s assessment.
Regulators also welcome industry’s feedback on how they can best support innovative efforts through supervisory processes, regulations, and guidance. Those wishing to share such feedback in writing may do so by sending their submission electronically to FinCEN at firstname.lastname@example.org.
Today’s statement is the result of a working group formed by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, FinCEN, the NCUA, the Office of the Comptroller of the Currency and Treasury’s Office of Terrorism and Financial Intelligence aimed at improving the effectiveness and efficiency of the BSA/AML regime.