NAFCU Journal March April 2021

7 THE NAFCU JOURNAL March–April 2021 AML Act of 2020 & Corporate Transparency Act For a detailed breakdown of these provisions and more, view the full chart on nafcu.org . Updates to BSA/AML requirements Modifications to suspicious activity report (SAR) and currency transaction report (CTR) requirements New FinCEN programs and requirements Establishment of examination and supervisory priorities in conjunction with federal and state financial regulators and relevant national security agencies. Issuance of a rule prescribing the standards applicable to testing technology used by a credit union to comply with its BSA/AML requirements and mandatory updates to the Federal Financial Institutions Examination Council (FFIEC) BSA/AML Examination Manual. Requiring the Treasury, through the Financial Crimes Enforcement Network (FinCEN) and in consultation with federal and state regulators, to establish easier and potentially automated processes to permit the filing of noncomplex SARs. Requiring FinCEN to periodically request feedback from BSA compliance officers to review SARs and discuss trends observed and disclose to credit unions information about SARs that law enforcement found useful during the reporting period. Requiring the Treasury Department to streamline requirements for CTRs and SARs and reviews SAR and CTR thresholds by Jan. 1, 2022. Requiring the Treasury Department, in coordination with FinCEN, to issue rule establishing a pilot program designed to permit sharing of information related to SARs between credit unions and their foreign branches, subsidiaries and affiliates. Establishment of the FinCEN Exchange and FinCEN Domestic Liaisons. Requires FinCEN to issue rules related to beneficial ownership reporting requirements by Jan. 1, 2022. Index toAdvertisers AI Oasis Phone: 888-227-7967 Website: ai-oasis.com . ......................................... 27 Allied Solutions Website: alliedsolutions.net .............................. 32 Bend Phone: 888-357-1185 Website: bendhsa.com/nafcu ............................ 17 DefenseStorm Phone: 206-512-8691 Website: defensestorm.com ................................ 11 FIS Website: fisglobal.com/cu2 .............................. C2 Franklin Madison Website: franklin-madison.com ........................35 Gallagher Website: www.nafcu.org/gallagher .................29 Origence Website: origence.com/bebold .......................... 9 Mastercard Website: mastercard.us/mainstreetrecovery . ..BC Pentegra Website: www.pentegra.com .............................. 5 Q2 Website: q2.com ................................................... C3 SRM Website: srmcorp.com . .......................................... 2 TruStage Website: cunamutual.com/auto ....................... 23