Nassau Educators FCU Turns to BANKDetect for BSA Compliance Help

WESTBURY, N.Y. and CHURCHTON, Md. – Nassau Educators Federal Credit Union has tapped BANKDetect to help it comply with Bank Secrecy Act requirements. The BSA requires financial institutions to screen all new customers on account openings and periodically screen existing customers against changes in OFAC and other consumer databases. BANKDetect's RiskTracker-OFAC checks member names and addresses against the most recent government databases. With a focus on flexibility, the system is updated daily. NEFCU recently expanded its RiskTracker-OFAC capabilities to include full-service monthly searches of the Office of Foreign Assets Control (OFAC) database-saving the credit union several hours a week and increasing accuracy by eliminating the need for manual searches. "BANKDetect has proven its ability to keep our credit union current with all regulatory standards and changes," said Kristin DeJesus, vice president of membership development and compliance of NEFCU. "After seeing the speed and accuracy that RiskTracker-OFAC could add to the checks on new account openings, it just made sense to use it for a random OFAC scrub as well." With RiskTracker-OFAC flagging roughly one out of every 10,000 members it checks during monthly scrubs, DeJesus says it lifts a huge burden off NEFCU staffers. "Maintaining compliance with changing regulations is becoming more and more of a challenge as fraudulent attacks continue," said Robert Cofod, president/chairman of BANKDetect. "Regulators are trying everything possible to protect members' identity and savings, but the demands can be extremely draining. By staying on the forefront of the intelligence community, we can handle a credit union's compliance and fraud protection issues and let it focus on what matters: the members