A strong BSA compliance plan is a must.

When FinCEN accused U.S. Bank of willfully violating the Bank Secrecy Act in February, it served as a good reminder of the risk BSA compliance presents to all financial institutions, including credit unions. Combine that with the new FinCEN and U.S. Department of Treasury rule effective this May, and it’s understandable why BSA is consistently on the minds of so many credit union leaders.

The new rule seeks to strengthen member/customer due diligence (MDD/CDD) by providing clarity around the requirements for compliance. Examiners have long expected credit unions to take steps to verify the identities of their members and have a complete understanding of the nature of their members’ businesses. It’s just never been written down – at least not to the level it is now in the FinCEN/Treasury final rules.

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