FORT LAUDERDALE, Fla. (11/19/15)--Attendees at the CUNA/National Association of State Credit Union Supervisors Bank Secrecy Act (BSA) Conference heard the latest information from federal agencies including the National Credit Union Administration, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC). Representatives from each agency presented the latest updates and answered questions from the more than 300 in attendance.
Tim Segerson, deputy director of the NCUA’s Office of Examination and Insurance detailed the agency’s supervisory focus in 2016.
The focus will include:
Judy Graham, a program officer with the NCUA, also presented at the conference. In addition to her presentation on money services businesses, she shared the most common violations the agency sees when it comes to BSA compliance.
The NCUA requires credit unions to:
Braddock Stevenson, a section chief with FinCEN, shared how FinCEN operates, its structure and how it goes about enforcing its regulations. He also shared a few scenarios from recent enforcement actions and asked attendees what the correct course of action would be.
He also highlighted a bulletin from FinCEN on how to promote a culture of compliance, which states:
(Editor’s note: For more coverage of CUNA’s BSA Compliance Conference, see the following stories in today’s issue: BSA Conference: Bitcoin daily usage comparable with Discover, Western Union; BSA Conference: 4th Corner CU talks challenges of serving legal pot biz; BSA Conference: CUs must manage risks associated w/ serving MSBs; and BSA Conference: Expert gives a glimpse into cyber black market.)