FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions

The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations. “Banks without a Federal functional regulator are at least as vulnerable to the risks of money laundering and terrorist financing as banks with one,” FinCEN said, in releasing the rule. The network, a division of the Treasury Department, added, “FinCEN expects that uniform regulatory requirements for all banks will reduce the opportunity for criminals to seek out and exploit banks subject to less rigorous AML requirements.” Those regulations include obtaining

Financial Trade Groups Want Anti-Money Laundering Plan Added to Massive Defense Bill

A broad coalition of financial services trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, is urging the Senate to include bipartisan Anti-Money Laundering and Bank Secrecy Act legislation in the massive defense authorization bill the Senate will continue debating next week.

Senate Banking Chairman Mike Crapo (R-Id.) and the panel’s ranking Democrat, Sherrod Brown of Ohio, along with several other committee members, have offered an amendment to the defense authorization bill that would update AML/BSA rules.