Serving money services businesses can be a hard decision to make, but current technology is making compliance more achievable, John Vardaman, of Hypur told attendees Wednesday at the CUNA/NASCUS BSA Conference.
Most cybercrime employs social engineering, Jerry Beasley of TraceSecurity told attendees of the CUNA/NASCUS BSA Conference Tuesday. Beasley explained that social engineering techniques are deliberately designed to people’s inherent vulnerabilities, taking advantage of the human condition.
Speaking Tuesday at the CUNA/NASCUS Bank Secrecy Act Conference, Mauriceo Castanheiro, director of fraud analytics with Verafin, talked about how fraud has evolved and how it has made certain populations especially vulnerable.
BSA compliance is now an integral part of a financial institution’s cybersecurity strategy, Jim Vilker, vice president of CU Answers, said Tuesday at the CUNA/NASCUS BSA Conference, explaining it changed with an October 2016 bulletin from FinCEN.
While business accounts can be beneficial to credit unions, they also bring a measure of additional risk, attorney David Reed told the CUNA/NASCUS BSA conference, noting that additional due diligence can help avoid potential issues down the road.
World Council of Credit Unions Vice President and General Council Michael Edwards provided an update on the international credit union regulatory environment Monday at the CUNA/NASCUS BSA Conference, including upcoming regulatory topics to be addressed.
Keeping up with the Bank Secrecy Act requires a culture of compliance, attorney David Reed told the CUNA/NASCUS BSA Conference. A credit union should have a board, committee or senior management employee in charge of the BSA program.
The basics of money laundering remain the same, but criminals are constantly evolving their techniques, Secret Service Special Agent Joseph Hall said Monday at the CUNA/NASCUS BSA Conference, explaining how BSA compliance is extremely helpful in investigations.
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.
The NCUA issued a checklist for credit unions to voluntarily use in assessing its diversity and inclusion practices last year, of which two-thirds of participants in an NCUA diversity webinar said they were unaware.