NCUA Guidance: BSA Customer Due Diligence & Beneficial Ownership Compliance Posted by Association of Vermont Credit Unions on 11:39 AM

The NCUA issued examination procedures to field staff regarding customer due diligence and beneficial ownership provisions that are part of the Bank Secrecy Act/Anti Money Laundering Rules (BSA/AML).  Letter to Credit Unions 18-CU-02 sent to credit union Board Chairs and management provides all federally insured credit unions with the examination expectations provided to the NCUA examiners regarding the review of a credit union’s compliance with these areas. This includes new examination procedures that will be incorporated into the Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual.