Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
With tax season upon consumers once again, it’s also when they are most vulnerable to tax refund fraud. Since the methods for tax refund distribution generally go through financial institution, credit unions can battle tax refund fraud.
With the NCUA’s new member business lending rule is in effect, credit unions need to ensure they are in compliance and understand new requirements. CUNA’s CompBlog takes a closer detail and sheds some light on examiner expectations.
Do the new customer due diligence requirements mean credit unions have to change Bank Secrecy Act procedures to update member information regularly? CUNA’s compliance staff addressed this key question in a recent CompBlog entry.
With cybersecurity a top priority in 2017 for the financial services industry, CUNA’s compliance staff explored what credit unions should do in the event of a data breach at the institution or its service provider.
The NCUA promised enhanced examination planning procedures and scheduling changes for 2017, and outlined those changes in a letter to credit union sent in the final days of 2016. The extended cycle applies CUs that meet certain requirements.