New BSA Blast covers currency transaction reports, OFAC updates, more
A new edition of NAFCU’s BSA Blast is now available on the association’s website in its user-friendly digital format with direct links to each section. 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.
The third quarterly issue features articles reviewing currency transaction reports (CTRs) and the Office of Foreign Asset Control’s (OFAC) recent action to add Tornado Cash to the specifically designated nationals (SDN) list.
In the first featured article, Senior Compliance Counsel Keith Schostag lays out various compliance considerations for CTRs, detailing when a CTR filing is triggered and when it’s appropriate to aggregate multiple transactions. Schostag also notes how CTR filings work for shared branch arrangements and what types of customers can have their transactions exempted from CTR filings.
In the second featured article, Regulatory Compliance Counsel Justin White covers OFAC’s recent action to add Tornado Cash, a virtual currency mixer, to the SDN list and the FAQs published by the agency, which addresses implications on the financial services industry as a result of this action.
This edition also includes the BSA Pulse, which covers FinCEN and NCUA’s statement issued on the “Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence.” The statement reminds credit unions to not fully avoid doing business with entire categories of “high risk” customers or business types, and instead focus on the specific level of risk posed by each individual potential member.
Access more from NAFCU's award-winning Compliance Team here.
Fall 2022 Supervisory Highlights Part I: Auto Servicing, Consumer Reporting, Credit Card Account Management, and Debt Collection
Examination & Enforcement Operations
Add to Calendar 2022-11-29 09:00:00 2022-11-29 09:00:00 Personalizing the Member Experience About the Webinar A new frontier of connected digital and human interactions awaits credit unions. Members are shifting behaviors toward digital sales and service, making keeping up with industry leaders feel like an endless digital arms race. There is no guarantee that higher investment levels will lead to better outcomes. It will be up to credit unions to understand their members and to deliver proactive, intelligent advice that differentiates them from their competitors. An integrated approach to financial data-driven personalization encompasses both digital and human interactions. Through this webinar, you will discover how Cal Coast Credit Union works to simplify its members' lives, offer them the best customer service available, and ultimately help them achieve financial prosperity. Attendees will learn how to: Overcome the main challenges credit unions face, Keep up with the growing demands of members, Identify where to focus digital investment to drive member impact Create a cohesive and long-lasting member experience across all channels. Credit unions are ideally positioned to deliver unified advice to members across digital and banker channels. With a deep understanding of members' needs and a personalized experience, the credit union can compete and stay ahead of the curve in an exciting new era. REGISTER NOW Web NAFCU email@example.com America/New_York public
Accounts Examination & Enforcement
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