The Bank Secrecy Act and Hurricane Katrina Victims

05-RA-06 / September 2005
The Bank Secrecy Act and Hurricane Katrina Victims
Subject
BSA/AML
To
All Federally Insured Credit Unions
Status
Active
To
All Federally Insured Credit Unions
Subj
The Bank Secrecy Act and Hurricane Katrina Victims

Dear Board of Directors:

Following Hurricane Katrina, many individuals have been displaced and may no longer be able to access their primary financial institution.

NCUA encourages credit unions to consider reasonable and prudent steps to assist individuals, who have been displaced by Hurricane Katrina and/or are located in areas damaged by Hurricane Katrina.

To assist with opening of new accounts and processing of non-member transactions, NCUA, federal banking regulators, and the Financial Crimes Enforcement Network have joined together to provide the enclosed guidance concerning compliance with the Bank Secrecy Act (BSA).

If you have other questions about BSA, please contact your regional office, examiner, or state supervisory authority.

Sincerely,

/s/

JoAnn Johnson

Chairman

Last modified on
09/25/20