The National Credit Union Administration (NCUA), in collaboration with the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, has released new guidance on Suspicious Activity Reports (SARs) and anti-money laundering/countering the financing of terrorism (AML/CFT) requirements. The agencies worked together with the Financial Crimes Enforcement Network to issue answers to frequently asked questions regarding these reporting obligations.
According to a joint statement, “These answers intend to clarify commonly asked questions by financial institutions about SAR rules to assist with AML/CFT compliance obligations and enable institutions to focus resources on activities that produce the greatest value to law enforcement agencies and other authorized government users of Bank Secrecy Act reports.” The topics covered include structuring, continuing activity reviews, timelines for such reviews, and documentation for decisions not to file a SAR.
The NCUA is an independent federal agency established by Congress that oversees federal credit unions. It manages the National Credit Union Share Insurance Fund, which insures deposits for more than 143 million account holders across all federal credit unions and most state-chartered credit unions.
For further information about suspicious activity reporting requirements, financial institutions can consult additional resources provided by regulatory agencies.
