Markets Wired

Register Now to Learn About Requirements for Ongoing Customer Due Diligence

ALEXANDRIA, Va. (April 9, 2018) – Credit unions with questions about complying with customer due diligence requirements in the Bank Secrecy Act can get valuable information on a National Credit Union Administration webinar scheduled for April 25.

The Financial Crimes Enforcement Network in 2016 issued a final rule updating the Bank Secrecy Act’s requirements for effective BSA and anti-money-laundering programs (opens new window). The webinar, “BSA Compliance – Customer Due Diligence,” will address these requirements for credit unions.

This 60-minute webinar is scheduled to begin at 2 p.m. Eastern. Online registration is available here (opens new window).

The webinar panel—Sandra Sojka, a regulatory policy officer with FinCEN’s Policy Division; Janet Carruthers, a fraud and risk analysis specialist with NCUA’s Office of Examination and Insurance; and Andre Lucas, the director of compliance, Maryland/District of Columbia Credit Union Association—will review the basic requirements of the 2016 rule, including:

• Reducing compliance and reputation risk with ongoing member due diligence;
• Enhancing risk-based procedures by including timely and accurate SAR reporting; and
• Improving the overall BSA/AML program with specific procedures.

You can submit questions in advance at WebinarQuestions@ncua.gov. The email’s subject line should read, “BSA Compliance – Customer Due Diligence.” This webinar will be closed captioned and then archived online here approximately three weeks following the live event.

The Bank Secrecy Act webinar is the first of five webinars NCUA’s Office of Credit Union Resources and Expansion will host in the coming months. Topics include: the agency’s streamlined community development financial institutions certification program, 2018 grant initiatives, and Share Insurance calculations. Details about each webinar will be available in the near future.

The Office of Credit Union Resources and Expansion supports low-income-designated credit unions and credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.