BRIEFLY: Agencies jointly release BSA ‘fact sheet;’ NASCUS Report early next week

(Nov. 20, 2020) NCUA joined the federal banking agencies Thursday in releasing a fact sheet meant to clarify Bank Secrecy Act due diligence requirements for credit unions and banks that offer services to charities and non-profits. The fact sheet, the agencies said in a release, highlights the importance of legitimate charities and nonprofit organizations having access to financial services. It also addresses the ability of those groups to transmit funds through legitimate and transparent channels, especially in the context of responding to the coronavirus. Further, the agencies said, the fact sheet clarifies that charities and nonprofit organizations as a whole do not present a “uniform or unacceptably high risk of being used or exploited for money laundering, terrorist financing, or sanctions violations, and that banks and credit unions must develop risk profiles that are appropriate for the risks presented by each customer” … With the Thanksgiving holiday coming up next week, look for NASCUS Report to be published on Wednesday, rather than Friday as per usual.

Agencies release fact sheet clarifying BSA requirements with charities, non-profits