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As I was sitting in yet another airport terminal waiting for a flight home, the TV monitor showed a CNN breaking news story on Eliot Spitzer troubles. As evidence that I picked the correct career path, I was less interested in the details of what he did than in how it was initially detected. When the CNN anchor mentioned the phrase “structured transaction,” the story took on a whole new meaning for me. The same Bank Secrecy Act (BSA) requirement that led to the most shocking scandal of the week is the same requirement that is all too familiar to credit unions.

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