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Bank Secrecy Act obligations triggered when serving marijuana businesses, FBI enforcement against money-laundering schemes and ensuring credit union service organizations comply with BSA rules were all discussed during Thursday's BSA Seminar in New Orleans.

During a panel discussion, Partner Colorado Credit Union CEO Sundie Seefried and Hypur Executive Vice President and General Counsel John Vardaman focused on the Financial Crimes Enforcement Network's guidance regarding serving marijuana businesses and how credit unions can provide services to these businesses consistent with their BSA obligations. NAFCU Director of Education Devon Lyon moderated the discussion.

FBI Special Agent Jeff Sallet discussed various money laundering schemes with BSA Seminar attendees on Thursday. (NAFCU photo)

Credit union professionals at BSA Seminar on Thursday also received an FBI enforcement update from Special Agent Jeff Sallet, who is in charge of the New Orleans division. He discussed various money laundering schemes and how some criminals are successful and others are not.

COMPASS 4 CUs LLC Vice President Kristen Tatlock presented on how CUSOs work with BSA rules. She discussed BSA provisions affecting mortgage CUSOs, shared branching, indirect lending, member business lending, investment and loan portfolios.

Transportation Federal Credit Union Compliance Officer Rusty Vellek led a workshop on suspicious activity reports, focusing on how to create an effective SAR process and how to use internal and external resources to identify and investigate questionable activity. He also had attendees work through some sample scenarios.

NAFCU Regulatory Compliance Counsel Benjamin Litchfield discussed member due diligence and various rules for business entities, including cash-intensive businesses, nonbank financial institutions, professional service providers, and trust and asset management services. He also noted reporting requirements and audits.

Thursday afternoon (and continuing this morning), BSA Seminar attendees were able to earn the NAFCU Certified Bank Secrecy Officer designation through an on-site exam, which tested their knowledge of conference material.

Next year's BSA Seminar is July 24-27 in Denver, Colo. Register now.