X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<p>ST. CLOUD, Minn. – Bankers Systems, Inc., a provider of compliance resource solutions for financials, has developed new product packages to help credit unions comply with the USA PATRIOT Act. The USA PATRIOT Act requires that credit unions check member names against lists created by the Office of Foreign Assets Control (OFAC). The lists contain names of known or suspected terrorists, terrorist organizations, and other “blocked” persons or countries. Bankers Systems has teamed up with ATTUS Technologies, Inc. to offer OFAC WatchDog Software. It enables credit unions to monitor and update the complete database of known or suspected terrorists and terrorist organizations, and check those names against the credit union’s database and current transactions. The USA PATRIOT Act also expands a credit union’s tracking and reporting requirements. Bankers Systems added eight new documents to its existing line of compliance-related products. All of the new and existing documents are available in a preprinted format and many are available in an electronic format. The Bank Secrecy Act, one of the areas affected by the USA PATRIOT Act, is one of the few regulations that requires regular employee training. Bankers Systems is offering training in different formats-Telephone/Internet seminars, online, and CD-ROM. Bankers Systems is partnering with BankersEdge to offer five anti-terrorism training courses that allow financial institutions to train, track and document employees’ progress online. In addition, Bankers Systems offers a series of live USA PATRIOT Act Telephone/Internet seminars for compliance The USA PATRIOT Act requires credit unions to become more diligent in asking members questions if they’re conducting specific types of transactions that trigger BSA and OFAC concerns. Bankers Systems created a Consumer Awareness Educational Program to help credit unions inform their members that they may be asking more questions and it explains why. Bankers Systems is also offering a separate solution to help credit unions establish an anti-money laundering program which is required by April 24, 2002. PRINGLEr Compliance Policies & Audit Procedures is an electronic documentation program that helps credit unions meet the deadline by quickly setting up and effectively maintaining a comprehensive set of policies and procedures.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.