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Reviewing 10 years of enforcement actions taken by the Financial Crimes Enforcement Network (FinCEN), NAFCU Regulatory Compliance Specialist Alma Calcano identifies three reasons credit unions and other financial institutions commonly receive civil money penalties for Bank Secrecy Act (BSA) violations in today's Compliance Blog post.

NAFCU has myriad resources on BSA compliance available online, and credit unions can still register to attend the association's BSA Seminar, happening Aug. 11-14 in Minneapolis, Minn. Seminar attendees have the opportunity to earn the prestigious NAFCU Certified Bank Secrecy Officer designation.

The trends identified by Calcano include:

• failure to establish and implement an adequate Anti-Money Laundering program;
• failure to develop and implement an adequate Customer Identification Program; and
• failure to comply with recordkeeping, transaction monitoring and reporting requirements.

Calcano then details BSA violations of seven banks and credit unions, as well as the penalties assessed by FinCEN and other regulators.

See the details of these violations and penalties in Calcano's blog post here.

Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday and Friday by clicking here. The association's new Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.