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Washington
Plan to make BSA rules user-friendly backed by CUNA
WASHINGTON (3/12/09)—The Credit Union National Association (CUNA) backed a plan by the Financial Crimes Enforcement Network (FinCEN) to better codify Bank Secrecy Act (BSA) information and said it will serve to simplify financial institution compliance. FinCEN proposes to move the Bank Secrecy Act regulations to a new Chapter X and organize the regulations within that chapter by financial industry to make it easier for institutions to find the appropriate regulatory requirements. In a comment letter to FinCEN, CUNA Federal Compliance Counsel Nichole Seabron noted the following points of the FinCEN plan:
* As outlined, Chapter X will be organized in a manner that specifies the regulatory obligations applicable to particular industry sectors; * Chapter X will feature consistent numbering and section divisions intended to make the regulatory requirements more accessible; and * FinCEN also proposes to add a standard definition for BSA, which does not exist in current regulation.
The proposed rule also would make minor technical changes to BSA regulations, such as updating mailing addresses and points of contact. CUNA supports FinCEN’s efforts to create more user-friendly BSA regulations and agrees that these proposed changes will facilitate use of the regulations.
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