CUNA recently hosted a Bank Secrecy webinar focusing on BSA examiner issues. Judy Graham of NCUA’s Office of Examination and Insurance advised credit unions that risk assessments and staff training rank as major issues of BSA compliance programs. The webinar also included representatives from FinCEN and OFAC who offered their perspectives on the change in expectations for credit unions in the coming year. An archived version of the CUNA webinar is now available.
“On the heels of this webinar, FinCEN issued a $10.9 million penalty against a bank in South Florida for failure to implement an effective BSA Program,” noted Jeanne Couchois, VP of the Carolinas Compliance & Risk Management Department. FinCEN’s announcement listed inadequate internal controls, independent testing and dedicated compliance staffing as factors for the civil money penalty.
“Credit unions continue to use out-dated staff training materials and policies when managing their risk to BSA and money laundering activities. Regulators are letting us know that BSA examinations are a priority so credit unions should take note,” remarked Couchois.
The NC League offers credit unions a customized BSA training program (including OFAC requirements). This training service focuses on the credit union’s policy, procedures and practices as well as required elements and forms of a BSA program. If your credit union is interested in the League’s service, please contact firstname.lastname@example.org for more details.