Online session for credit unions focuses on anti-money laundering compliance requirements

Compliance requirements for credit unions in combatting money laundering – particularly through customer due diligence – is offered in an online session later this month by the federal regulator for the financial cooperatives.

The National Credit Union Administration (NCUA) said it is offering the free April 25 session (beginning at 2 p.m. and running for one hour) to address due diligence requirements in the Bank Secrecy Act (BSA). Specifically, the event looks at the final rule issued in 2016 by the Treasury’s Financial Crimes Enforcement Network (FinCEN), which updated requirements for “effective BSA and anti-money laundering programs.”

The program, offered by the agency’s Office of Credit Union Resources and Expansion (CURE), features speakers from both FinCEN and NCUA. It looks at reducing compliance and reputation risk through credit union member due diligence; enhancing risk-based procedures by including timely and accurate suspicious activity report (SAR) reporting; and improving the overall BSA/AML program with specific procedures.

The agency also said its CURE office will offer four more programs over the next several months; topics include NCUA’s streamlined community development financial institutions certification program, 2018 grant initiatives, and National Credit Union Share Insurance Fund (NCUSIF) calculations.

NCUA’s CURE to Host Bank Secrecy Act Webinar