Four Best (& Critical) Practices for a Credit Union Compliance Program

By Preston Packer |



Credit unions may have once been considered the mom and pop of the financial institution industry, but those days are long gone. Credit unions operate under similar regulatory standards as banks and experience the same threats in regards to fraud and illegal transactions. Credit unions need to have heightened awareness and modern technology to identify and mitigate fraudulent activity and maintain regulatory compliance.

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BSA Best Practices

By Preston Packer |



Bank Secrecy Act (BSA) compliance is an integral part of credit union compliance. While large organizations are usually the ones under fire for BSA violations, CUs are just as liable for anti-money laundering laws, and in case of compliance mishaps, the penalties can be severe. According to the Federal Financial Institutions Examination Council (FFIEC), those facing money laundering charges can face up to 20 years in prison and a fine of up to $500,000. Any property related to the criminal activity, including property such as loan collateral, personal property, and even entire bank accounts may be subject to forfeiture. Banks and CUs also risk losing their charters, and their employees can be removed and barred from employment in the financial services industry. If the thought of these repercussions causes you and your credit union panic, fear not. Credit unions with a BSA compliance program in place are well-protected from BSA violations. Here’s how your credit union can better conform to BSA rules and regulations.

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