Credit unions wanting an update on what federal examiners are looking for during examinations on Bank Secrecy Act issues can consult the just-released 2010 edition of its examination manual.
The manual, "Bank Secrecy Act/Anti-Money Laundering Examination," includes an expanded section on identifying, researching and reporting suspicious activities, additional information on tracking electronic cash?such as prepaid cards?and information on managing risk from remote-deposit capture.
In joint statement from the NCUA and other financial regulators, the manual is described as reflecting "the ongoing commitment of the federal and state banking agencies to provide current and consistent guidance on risk-based policies, procedures, and processes for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing."
It's the first update of the manual since 2007.
To access the manual, go to: www.ffiec.gov/bsa_aml_infobase/documents/1-IntroductionCoreOverviewsProcedures.pdf