Compliance Automation at Harvard, Oklahoma CUs
Money from around the world pours into Harvard University, and into the accounts of members of Harvard University Employees Credit Union.
Ensuring that what moves in and out follows U.S. rules and regulations falls under Craig Leonard’s jurisdiction. The executive vice president and chief financial officer of the 30,000-member, $365 million credit union in Cambridge, Mass. is now using automation to help keep up.
The system integrates to the credit union’s XP2 core platform and alerted managers in time to stop the heists. On a daily basis, it provides an audit trail that provides documentation of any suspected money laundering or similar nefarious activity, the credit union said.
“The real time reports alert our compliance department to potential activity that appears high risk in nature,” said Brynda Moss, BSA compliance manager at Oklahoma Central CU. “Obviously, these are just reports, so additional investigation is necessary, but if it’s determined to be a fraud then the attempt is thwarted, such as with stolen checks or lost debit cards.”