WASHINGTON — The Bank Secrecy Act Advisory Group at the Financial Crimes Enforcement Network added Navy Federal Credit Union to its members upon CUNA's nomination.
FinCEN would not confirm nor share the list of members as the information is not public. CUNA said it also has a representative on the BSAAG. NAFCU had nominated itself and United Nations Federal Credit Union for the group as well, but did not get a seat according to NAFCU.
In its recommendation letter, CUNA said that Navy Federal has been "very active in BSA issues." The letter read, "Based on this diverse and worldwide membership, we believe Navy FCU would be in an excellent position to make a substantial contribution to the activities of the BSAAG, as it is in the unique position of being a credit union that would also have an international perspective on Bank Secrecy Act (BSA) issues. The international perspective will provide a substantial contribution to the BSAAG, while its structure as a not-for-profit credit union will provide diversity among the financial institutions that are members of the BSAAG."
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