WASHINGTON – The Government Accountability Office was recently tasked with investigating how federal banking regulators, including NCUA, examine for Bank Secrecy Act compliance and identify and track violations for speedy fixes.
GAO made a number of recommendations, such as better communicating emerging risks through updates of the interagency examination manual and other guidance used by NCUA, the Financial Crimes Enforcement Network, and the federal banking regulators. The agencies should periodically review BSA violation data to determine whether additional guidance is necessary. GAO also recommended that the agencies look into the possibility of developing a uniform classification system for BSA compliance problems. FinCEN and the regulators supported its suggestions, according to GAO.
Credit unions and other financial institutions have been citing statistics of the costs associated with BSA compliance and working to lessen the regulatory burden in this area.
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