ATLANTA — Gradually, the number of credit unions that participate in shared branching has been growing. With that growth, the shared branch networks, through the Credit Union Service Centers Network Inc., have taken steps to formalize and standardize the way shared branching CUs report transactions subject to the Bank Secrecy Act.
"We were part of the response from the credit union industry's overall response to the U.S. Treasury's Financial Crimes Enforcement Network inquiry a few years ago," explained Craig Beach, vice president for marketing at CO-OP Shared Branching.
"They were overall very satisfied with our explanation of shared branching and what credit unions were doing to comply with reporting requirements, including in our shared branching transactions," Beach said. "But the CUSCNI wanted to help credit unions standardize their shared branch transaction BSA reporting."
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