FinCEN will now begin sharing draft reports about credit unions with the NCUA to ensure they're accurate, NCUA Chairman Debbie Matz told CU Times.
The announcement came just days after the Wall Street Journal reported that the Treasury Department's Financial Crimes Enforcement Network (FinCEN) is scrutinizing more than 50 credit unions that may be particularly vulnerable to potential money laundering.
The confidential FinCEN report did not accuse any credit unions of wrongdoing, according to the Wall Street Journal, but it did highlight increasing relationships with check-cashing companies and other firms FinCEN calls money-services businesses. Criminal groups and drug-trafficking organizations could be targeting credit unions via MSBs to gain access to the formal financial system, it reported.
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