Financial Services Industry
Industry: Email Alert RSS FeedExperts See Shortcomings For CUs On BSA Compliance
Credit Union Journal, The, September, 2005 by Frank J. Diekmann, Editor
Perhaps the most frustrating aspect of compliance is that there are so many definite penalties for not complying with indefinite rules.Should credit unions file a suspicious activity report on every bounced check? What are their risks in a shared branch network? What if the mayor of the local town is a member? As NASCUS' Brian Knight, VP of Regulatory Affairs, noted in remarks to a room of regulators and state-chartered credit unions, when it comes to Bank Secrecy Act and anti-money laundering activities, "I think this perhaps is one of the most challenging questions simply because the majority of the statutes are so subjective. I don't think I've ever seen a rule (BSA) with so much gray area."
Knight stressed that some credit unions have simply not complied by assuming the...
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