The National Credit Union Administration (NCUA) has issued new 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).
NCUA will consider a credit union’s good-faith effort to comply with the new rules as it conducts examinations, the regulator stated.
Read on to see the new exam expectations, which include new procedures that will be incorporated into the Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual.
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