Agencies Release Fact Sheet to Clarify Bank Secrecy Act Due Diligence Requirements For Banks and Credit Unions that Offer Services to Charities and Non-Profits

Federal financial institution regulatory agencies today issued a joint fact sheet clarifying that bank and credit unions compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organiz…

Federal financial institution regulatory agencies today issued a joint fact sheet clarifying that bank and credit unions compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-155.html