Oct. 10, 2012 – Credit union directors can gain an understanding of their responsibilities under the Bank Secrecy Act and Office of Foreign Assets Control in a NAFCU webcast held today.
The webcast, which runs from 2 pm – 3:30 pm Eastern, will be hosted by compliance expert John Misgen, CPA. It will include an overview of what information must be reported to the board and why. The webcast will also include a discussion on significant compliance changes that have taken place and upcoming compliance changes.
A financial institution’s board of directors and, if applicable, the committee designated by the board to monitor BSA compliance, must receive periodic training. Failure to comply can result in rule violations, which may include fines up to $1 million or twice the value of the transaction, whichever is greater; and five to 10 years in prison. The webcast will address how credit unions can avoid such penalties. Registration for today’s webcast is still open. (link)
NAFCU would also like to remind credit unions that a 45 percent discount is available for a limited time on NAFCU's 2013 Unlimited Webcast Subscription Package, which includes: over 20 content-filled webcasts, 24 hour access to each webcast, unlimited access for your entire credit union for the full 2013 calendar year, essential compliance education, a cd of each webcast and more. Additional information is available online. Credit unions can also call NAFCU's Member Service Center at 800-344-5580.