The Texas Credit Union League, citing a $160 million federal fine against a large bank for money laundering violations, issued what it called a "wake-up" call to its members about complying with the Bank Secrecy Act and rules of the Office of Foreign Assets Controls.
In warning against Texas CUs becoming "complacent" about BSA and OFAC regulations, the league said the money laundering judgment issued March 17 by the U.S. Justice Department against the old Wachovia Bank, now part of Wells Fargo, is a testament that BSA compliance "is alive and well."
--jrubenstein@cutimes.com
