Failure to abide by Bank Secrecy Act requirements couldland credit unions in hot water like the $3.6 million North Dade Community Development Federal Credit Union of Miami Gardens, Fla. The credit union was hit with a $300,000 fine for numerous BSA violations on Nov. 25.
But what could North Dade have done to avoid the regulatory run in?
"As flagged by FinCEN, North Dade should have designated a person responsible to oversee BSA compliance," attorney Martin Kenney, a renowned anti-money laundering expert, said. "However you first have to have compliance to oversee."
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