Resource sharing by community banks and credit unions for Bank Secrecy Act compliance
Resource sharing by community banks and credit unions for Bank Secrecy Act compliance
F ederal regulators issued a joint interagency statement on October 3, 2018, permitting certain community banks and credit unions to share Bank Secrecy Act (BSA) resources through the use of "collaborative arrangements."
The statement, the Interagency Statement on Sharing Bank Secrecy Act Resources, specifies that collaborative arrangements are most suitable to community banks and credit unions, as they have "less complex operations, and lower-risk profiles for money laundering or terrorist financing."
