WASHINGTON—CUNA met with the representatives of the Government Accountability Office (GAO) to discuss issues around the Financial Crimes Enforcement Network’s (FinCEN) Currency Transaction Report (CTR) requirements.
The GAO’s review of the CTR process is required by the Anti-Money Laundering Act of 2020.
According to the trade group, Senior Federal Compliance Counsel Colleen Kelly, Senior Director of Advocacy Luke Martone, and credit union members of CUNA’s Examination and Supervision Subcommittee offered FinCEN their input on how the reporting process can be made easier, with CUNA saying the organizations have a mutual goal of combatting illicit finance.
CTR thresholds have not been updated since the enactment of the Bank Secrecy Act in 1972, and CUNA emphasized it has consistently advocated for updates, since they are among the most time-consuming part of a compliance program, CUNA noted.
Other Recommendations
CUNA added that it has supported legislation in the last Congress to raise CTR and Suspicious Activity Report thresholds, and has recommended numerous efficiencies FinCEN could take to ease the reporting burden on financial institutions.
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