X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTBURY, N.Y. and CHURCHTON, Md. – Nassau Educators Federal Credit Union has tapped BANKDetect to help it comply with Bank Secrecy Act requirements. The BSA requires financial institutions to screen all new customers on account openings and periodically screen existing customers against changes in OFAC and other consumer databases. BANKDetect’s RiskTracker-OFAC checks member names and addresses against the most recent government databases. With a focus on flexibility, the system is updated daily. NEFCU recently expanded its RiskTracker-OFAC capabilities to include full-service monthly searches of the Office of Foreign Assets Control (OFAC) database-saving the credit union several hours a week and increasing accuracy by eliminating the need for manual searches. “BANKDetect has proven its ability to keep our credit union current with all regulatory standards and changes,” said Kristin DeJesus, vice president of membership development and compliance of NEFCU. “After seeing the speed and accuracy that RiskTracker-OFAC could add to the checks on new account openings, it just made sense to use it for a random OFAC scrub as well.” With RiskTracker-OFAC flagging roughly one out of every 10,000 members it checks during monthly scrubs, DeJesus says it lifts a huge burden off NEFCU staffers. “Maintaining compliance with changing regulations is becoming more and more of a challenge as fraudulent attacks continue,” said Robert Cofod, president/chairman of BANKDetect. “Regulators are trying everything possible to protect members’ identity and savings, but the demands can be extremely draining. By staying on the forefront of the intelligence community, we can handle a credit union’s compliance and fraud protection issues and let it focus on what matters: the members

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

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.