WASHINGTON — NAFCU senior staff traveled into Washington recently to discuss their members’ ongoing concerns regarding Bank Secrecy Act compliance.
“We met with certain staff from Undersecretary [for Terrorist Financing and Financial Crime Stuart] Levey’s office…to take the opportunity to express some of the issues credit unions have been expressing to us,” NAFCU Senior Counsel and Director of Regulatory Affairs Carrie Hunt explained.
She noted, “The FFIEC manual has certainly cleared up some issues.” Still NAFCU members want to ensure the government is monitoring the value of BSA reporting and whether it is resulting in arrests.
“Some of the same issues continue to be issues,” Hunt said, such as matching up adequate monitoring software for particular credit unions and cost. “We’re not anti-BSA. We just want to make sure the right approach is being taken,” she concluded.
NAFCU President and CEO Fred Becker and Director of Compliance Anthony Demangone also participated in the meeting.