Following a hefty FinCEN fine against a credit union, the NCUA issues a supervisory warning about money services businesses.
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.
Could North Dade Community Development FCU have prevented its $300,000 fine for BSA violations?
Small credit union processes $1B in outgoing wires in 2013 alone.
In contrast to current meteorological trends, predictions for the coming regulatory climate, according to one consultant, show escalating temperatures with little chance of relief.
Continuity Control consultant sees scrutiny moving downstream to smaller financial institutions.
The NCUA has issued a cease and desist order to the $5.8 million North Dade Community Development Federal Credit Union of Miami Gardens, Fla.