Are credit unions required to report suspicious activities in compliance with BSA?

Credit unions are indeed required to report suspicious activities in compliance with the Bank Secrecy Act (BSA). This requirement is part of the regulatory framework that aims to prevent money laundering and other financial crimes. Just like banks and other financial institutions, credit unions must maintain an anti-money laundering program that includes the obligation to monitor transactions for suspicious activity and file Suspicious Activity Reports (SARs) when such activity is detected.

This requirement ensures a level of scrutiny over financial transactions to help authorities identify and investigate potential illegal activities. By reporting suspicious activities, credit unions contribute to the overall integrity and security of the nation's financial system. The BSA promotes transparency in financial operations, and compliance is essential not only for regulatory adherence but also for protecting the institution and its members from being exploited for illicit purposes.

While other options suggest exemptions or conditions under which reporting is required, they do not align with the universal requirement set forth in the BSA for all credit unions regardless of transaction size or type.