Harland Financial Solutions (HFS) announced a strategic alliance with Verafin—a provider of fraud detection and anti-money laundering software provider. "We're seeing a demand from our clients for a complete fraud detection and anti-money laundering solution to complement our offerings," Scott Hansen, HFS executive vice president of business development, told attendees. "Verafin's reputation for technical innovation and its culture of dedicated client support is really unmatched."
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.