The keys to BSA-AML compliance: OpSS Council white paper

November 18, 2015

MADISON, Wis. (11/18/15)--A new CUNA Operations Sales and Service Council white paper tackles how credit unions can execute the internal operations necessary to comply with Bank Secrecy Act (BSA) and anti-money laundering (AML) laws.

To illustrate the critical steps, the paper “Key Elements to an Effective BSA-AML Compliance Program” offers profiles on several credit unions and their operational approaches to compliance.

For example, in explaining the importance of the responsibility and structuring of who takes charge of BSA-AML compliance, the paper calls on Carter Pope, Fresno (Calif.) County FCU vice president of operations, who says that his credit union takes a multi-tiered approach.

“The board of directors, senior management and the vice president of eServices, with the help of branch operations and the training department, are responsible for integrating BSA-AML compliance into the credit union’s operations,” Pope said.

Overall, the paper discusses the following questions:

  • Who is responsible for integrating BSA-AML compliance into the credit union’s operations?
  • How is this process structured within the credit union?
  • What is an effective system for monitoring BSA-AML?
  • How are credit unions managing record retention related to BSA-AML?
  • What are the best metrics and reports being used to keep C-suite, boards and supervisory committees informed? and
  • As a credit union grows, what may need to change in order to remain in compliance?

CUNA Council members are eligible to receive a complimentary copy of this and hundreds of other Council white papers.

For more on hot-topic BSA issues, don’t miss News Now’s coverage of this week’s Bank Secrecy Act Conference, presented by CUNA and the National Association of State Credit Union Supervisors.