NCUA issued Supervisory Letter (SL No. 18-01) to address credit unions’ compliance with the new BSA Customer Due Diligence and Beneficial Ownership Rules. NCUA states that once the BSA Questionnaire and Consumer Compliance Violations citations have been added to AIRES, which is expected next month (September 2018), field staff will begin evaluating credit unions’ compliance with the new CDD rules.

However, the agency notes that, for now, field staff will not identify non-compliance as a significant BSA violation, provided the credit union is making a good faith effort to comply with the new rules.

With this Supervisory Letter, the agency included the updated Customer Due Diligence section from the FFIEC BSA Examination Manual, as well as the new section: Beneficial Ownership Requirement for Legal Entity Customers. Click here to read SL No. 18-01.  Click here for the full InfoSight newsletter.