Federal banking agencies, including the NCUA, announced this week they will allow banks and credit unions to collaborate on Bank Secrecy Act and anti-money laundering efforts.
"This joint statement is part of a broader effort to work closely with our regulatory partners to strengthen the anti-money laundering defenses across the U.S. financial system," said Sigal Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence.
In a statement providing guidance concerning the cooperative effort, the banking agencies said collaborative efforts "are most suitable for banks with a community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing."
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