BSA Blast details updated FFIEC guidance, FinCEN enforcement action
A new edition of NAFCU's BSA Blast – in its user-friendly digital format with direct links to each section – is now available on the NAFCU website. The May issue features a review of recent guidance added to the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Examination Manual and a summary of a recent Financial Crimes Enforcement Network (FinCEN) enforcement action holding the former chief operational risk officer personally liable for continued BSA violations.
The BSA Blast is a NAFCU member-only, quarterly e-newsletter offering coverage and analysis of credit union compliance issues and industry activity concerning the BSA and related issues.
In the first article, NAFCU Regulatory Compliance Counsel David Park outlines recent updates to the BSA/AML Examination Manual released by the Federal Financial Institutions Examination Council (FFIEC), which includes the NCUA, in an interagency statement.
"These updates to the Manual can help credit unions understand what examiners’ expectations are in the context of a risk-based supervisory approach," writes Park. "This can ultimately help credit unions review their current policies to see whether they meet the existing supervisory expectations."
In another article, NAFCU Senior Regulatory Compliance Counsel Jennifer Aguilar discusses FinCEN’s 2018 assessment of a civil money penalty against U.S. Bank for its failure to have an effective AML program, among other things.
In a related action filed in March 2020, Aguilar explains that FinCEN assessed a civil money penalty against Michael LaFontaine, former chief operational risk officer at U.S. Bank, for his role in the failure to prevent U.S. Bank’s BSA violations. Aguilar breaks down LaFontaine’s participation and the U.S. Bank enforcement action.
This edition also includes a round-up of recent financial regulator activity and a Q&A forum, with questions and answers on a credit union’s requirement to submit currency transaction report filings and requesting a new beneficial ownership form.
The BSA Blast will continue to publish quarterly throughout the year. Access more from NAFCU's award-winning Compliance Team, including the latest version of NAFCU's compliance calendar, here.
Add to Calendar 2023-11-30 09:00:00 2023-11-30 09:00:00 Safeguarding Credit Unions with Threat Intelligence Listen On: Key Takeaways: [1:01] What is threat intelligence, and why is it important to CUs? [2:14] What are threat intelligence feeds, and what role do they play in strengthening CUs? [4:41] Leveraging threat feeds and integrating intelligence into tools is crucial. [6:35] Learn what threat CUs should be most concerned about. [7:39] Phishing is ever-evolving, and user awareness is critical. [10:43] Learn how Defense Storm uses feeds to protect its customers. [13:28] Threat intelligence is not as complicated as some think; initiation can be easy through Slack, discussions, and a reporting culture. Web NAFCU firstname.lastname@example.org America/New_York public
Add to Calendar 2023-11-28 09:00:00 2023-11-28 09:00:00 Growing Creatively & Innovatively in 2024 Listen On: Key Takeaways: [0:58] What can credit unions do to best prepare themselves for 2024? [2:12] Although he sees a glimmer of hope, Jack points out that the liquidity crisis and slow prepayment speeds hamper rapid recovery. [5:22] We discuss how credit unions seek low loan growth through member-centric strategies such as second mortgages and home improvement lending. [7:34] Credit unions are leveraging advancing technology for member-focused engagement. [9:31] How will technology continue to evolve and affect credit unions? [11:43] What role does AI play in innovative growth? [14:14] Credit unions adopt technology for efficiency, enabling staff to focus on personalized member interactions, especially with younger generations. [17:14] Closing thoughts, emphasizing competition against banks and fintech for younger generations. Web NAFCU email@example.com America/New_York public
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