The Texas Credit Union League warned its members Friday against complacency in adhering to Bank Secrecy Act and Office of Foreign Assets Control rules following a $160 million money laundering judgment issued Thursday by the U.S. Justice Department against the old Wachovia Bank, now part of Wells Fargo.
In an e-mailed message to members, the Texas league said BSA compliance is obviously "alive and well" in light of a deferred prosecution agreement between the U.S. Attorney in Miami and Wachovia over money laundering violations involving Mexican currency exchanges and narcotics sales.
While the Wachovia fine does appear "extreme," said Steve Gibbs, assistant vice president of TCUL compliance, the government action does demonstrate a "loud and clear" message on BSA.
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? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
