The NCUA, along with the U.S. Department of Treasury and banking regulators, issued a statement on Dec. 3 designed to give financial institutions flexibility to be more innovative in how they comply with BSA requirements.

The regulators told institutions to “consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act … compliance obligations, in order to further strengthen the financial system against illicit financial activity… The Agencies will not penalize or criticize institutions that maintain effective BSA/AML compliance programs commensurate with their risk profiles but choose not to pursue innovative approaches.”

Read the statement here.