Quarterly BSA Enewsletter
NAFCU's BSA Blast is a NAFCU member-only quarterly enewsletter offering coverage and analysis of credit union compliance issues and industry activity concerning the Bank Secrecy Act (BSA) and Treasury's Office of Foreign Assets Control (OFAC) regulations.
The Third Quarter issue is available now!
In This Issue
Payroll Tax Evasion and Worker’s Compensation Fraud Schemes: Regulatory Compliance Counsel JaMonika Williams discusses a recent notice from the Financial Crimes Enforcement Network (FinCEN), which details reported tax evasion and fraud efforts prevalent in the construction industry. Williams summarizes FinCEN’s description of these illegal schemes and notes some red flags that could alert credit unions to potential criminal activity.
What Goes into a SAR Narrative? A Brief Overview: Senior Regulatory Compliance Counsel Justin White discusses the narrative section of the Suspicious Activity Report (SAR). By looking back through previous FinCEN guidance, White provides helpful tips about what information FinCEN would like credit unions to include in the SAR narrative.
In this quarter’s edition, the Pulse discusses the announcement of Andrea Gacki as the next permanent Director of FinCEN, and how installing a new leader for the agency could help with the numerous rulemakings on the agency’s agenda that are awaiting action.
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