May 01, 2014

Compliance Blog eyes BSA action, Keeney's list

May 2, 2014 – Credit unions can get the latest on the Financial Crimes Enforcement Network's Bank Secrecy Act enforcement activity by reading today's NAFCU Compliance Blog post.

Today's post, from NAFCU Regulatory Paralegal Shari Pogach, details the Financial Crimes Enforcement Network's recent action against a money services business, New Milenium Cash Exchange, and its president for willful BSA violations. In this case, the company failed to designate a compliance officer knowledgeable about BSA requirements or to provide adequate training and keep records of it. It also failed to conduct independent BSA compliance testing for more than six years, she noted.

FinCEN's action, which included a $10,000 civil money penalty assessment, "illustrates the importance of a robust anti-money laundering program, adequate training of compliance personnel, independent testing and BSA reporting," Pogach wrote.

In closing, Pogach also points readers to NAFCU's May 7 webcast, "NCUA and CFPB Update: What You Need to Know, Now," and this week's webcast on NCUA-required policies. The post includes a direct link to the full list of policies discussed during Wednesday's program by credit union attorney Andy Keeney.