ARLINGTON, Va.—NAFCU has released a new resource summarizing the Anti-Money Laundering Act of 2020 and Corporate Transparency Act provisions included in the fiscal year 2021 National Defense Authorization Act.
NAFCU noted the final NDAA included several wins for credit unions, most especially the absence of a provision that would have given banks access to military bases equal to that of credit unions via nominal leases. The language was also opposed by CUNA and the Defense Credit Union Council.
The NDAA also included reforms Bank Secrecy Act (BSA)/anti-money laundering (AML) rules.
“NAFCU's easy to navigate summary document compiles pertinent BSA/AML provisions included in the bill into a chart and provides both a brief analysis of the provisions and information on the agency in charge of implementing the changes,” the trade association said.
The association recently released a similar resource summarizing key relief provisions enacted under the Phase 4 coronavirus relief and FY2021 federal government omnibus measure and has updated its chart outlining the expiration dates enacted under the package.