FARMERS BRANCH, Texas — Reflecting ongoing concern over compliance with the Bank Secrecy Act, the Texas Credit Union League has unveiled what it calls a broad-based e-package for directors, middle managers and others that includes a newly-issued DVD series.
The BSA package, believed to be far more comprehensive than any other league-issued document, is aimed at "meeting the continuing challenges credit unions in Texas and elsewhere face in BSA examinations," said Suzanne Yashewski, vice president for regulatory and compliance at the league.
Until recently, assigned BSA staffers at CUs were carrying the brunt of BSA compliance, but recent trends have expanded the reach requiring directors and tellers be more cognizant of money laundering rules, said Yashewski.
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The DVD training series, being distributed to Texas CUs and made available elsewhere, "takes a more in-depth look at what is required in currency transaction reports, suspicious activity reports and other reporting requirements," said the league.
Included are detailed explanations, step-by-step illustrations for filling out forms and possible scenarios a credit union may face, said the league. Other new segments include training for board of directors, risk assessment, member due diligence and the latest Office of Foreign Assets Control requirements. "We had a great deal of interest in our initial training DVD, and as an overview, it was effective for the majority of staff at credit unions," said Yashewski.
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