Articles

NCUA: Joint Ownership Share Accounts

June 11, 2021 - 1 min read

The NCUA Board (Board) amended its share insurance regulation governing the requirements for a share account to be separately insured as a joint account by the National Credit Union Share Insurance Fund (NCUSIF) effective March 26, 2021. The final rule provides an alternative method to satisfy the membership card or account signature card requirement necessary for insurance…

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CDD & Politically Exposed Persons

December 9, 2020 - 4 min read

The agencies (FinCEN, FDIC, FRB, OCC, and NCUA) (collectively, the Agencies) issued a joint Statement on BSA Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons (PEPs) on August 21, 2020 (the PEP Statement). The PEP Statement addresses questions raised by banks on how to apply a risk-based approach to PEPS consistent with…

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Joint Statement on Risk-Focused BSA/AML Supervision

December 18, 2019 - 1 min read

In July 2019, the OCC, FDIC, Federal Reserve, the NCUA, and FinCEN issued a joint statement to emphasize their risk-focused approach to examinations of banks’ Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance programs. This statement is being issued as part of a broader effort to reinforce and enhance the effectiveness and efficiency of the BSA/AML regime….

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