Financial regulations (Photo: Shutterstock).
Banking regulators, including the NCUA, will give financial institutions, including credit unions, the freedom to test innovative Anti-money Laundering/Bank Secrecy Act programs without the fear of being penalized, the agencies said today.
"Pilot programs undertaken by banks, in conjunction with existing BSA/AML processes, are an important means of testing and validating the effectiveness of innovative approaches," the agencies said, in a joint announcement. "While the Agencies may provide feedback, pilot programs in and of themselves should not subject banks to supervisory criticism even if the pilot programs ultimately prove unsuccessful."
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