March 20, 2013 – NAFCU webcast participants on Tuesday received an update on NCUA’s Bank Secrecy Act regulatory requirements for credit unions and gained a deeper understanding of the various BSA reporting methods they must use.
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NCUA's Judy Graham and CinFED FCU's Kent
Marcum detailed Bank Secrecy Act requirements
CUs need to know for regulatory compliance during
Tuesday's webcast. |
Led by Judy Graham, an NCUA program officer, and Kent Marcum, a board member at CinFED FCU and a retired IRS criminal investigator, the webcast covered a range of topics relating to compliance with BSA rules and regulations.
Graham’s portion of the webcast provided an overview on NCUA’s role in regulating BSA compliance. She noted that every federally insured credit union must establish a BSA compliance program that –
- has an internal controls system in place;
- provides for independent testing;
- designates a specific person to monitor BSA compliance;
- facilitates BSA training for appropriate employees and volunteers; and
- establishes a customer identification program.
Graham said the most-common BSA violations include lack of training for employees and boards of directors, insufficient independent testing and inadequate monitoring systems.
Marcum discussed the different BSA reporting forms credit unions must use (such as currency transaction reports and suspicious activity reports) and when credit unions should use them. He also discussed how BSA reporting methods are used to stop money laundering and other criminal activities.
Wednesday’s webcast will be available on demand for one year.
Credit unions can also learn more about the BSA via NAFCU’s online training program and BSA training sessions at NAFCU’s Credit Union Board of Directors and Supervisory Committee Conference, slated May 15-17 in Asheville, N.C., and NAFCU’s 46th Annual Conference and Solutions Expo, held July 9-13 at the Hynes Convention Center in Boston.