With CUNA’s Bank Secrecy Act (BSA) Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.
The U.S. Treasury’s Financial Crimes Enforcement Network has numerous BSA requirements, but the NCUA has a number of them as well.
NCUA’s rule 748 requires federally insured credit unions to establish a BSA compliance program that provides for:
These compliance programs must be in writing, approved by the board and reflected in the minutes of the credit union’s meeting.
CUNA’s BSA Compliance Guide, part of CUNA’s Federal Laws and Regulations eGuide, contains more information on the NCUA’s BSA requirements.
The BSA Conference is scheduled for Nov. 13-16 in San Antonio.