Sharing what went wrong can help other credit unions avoid North Dade Community Development FCU's recent $300K FinCEN fine.
The $3.6M North Dade Community Development FCU violated BSA and Patriot Act regs for five years.
Small credit union processes $1B in outgoing wires in 2013 alone.
WOCCU advocates for credit unions struggling under the weight of AML, BSA and other regulatory burdens.
Credit union groups paranoid DOJ could change its mind and reverse guidance that allows accounts for state-legal marijuana businesses.
Despite guidance from FInCEN and the DOJ, legal hurdles remain for state-legal marijuana business accounts.
Credit unions in California, Nevada and Florida may want to warn members of the dangers lurking in many offers to help them with mortgage woes.
Reaching out to credit unions and other community financial institutions is among 2011’s goals, according to the Financial Crimes Enforcement Network’s just-released 2010 annual report.
The Financial Crimes Enforcement Network is now reaching out to credit unions. That's one of the messages in FinCEN's just-released 2010 annual report.
Commenting on FinCEN's proposed rules on cross-border electronic transmittals of funds, NAFCU asked the agency to consider the regulatory burden, the amount of information it already receives and the security issues involved.