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Bank Secrecy Act

THE BANK SECRECY ACT IS A MATTER OF NATIONAL SECURITY.

CREDIT UNIONS THAT VIOLATE THE BSA CAN BE SUBJECT TO SEVERE PENALTIES, INCLUDING LOSS OF THEIR FEDERAL CHARTER.

HAS YOUR CREDIT UNION SCHEDULED AN INDEPENDENT BSA REVIEW?

 

NCUA Rules and Regulations require credit unions to “independently test” compliance with the Bank Secrecy Act (the “BSA”) every year. This independent test includes:

 

  • Review of Internal Controls
  • Sample testing for compliance
  • Determining if personnel are trained
  • Review of CTRs and SARs
  • Review of Customer Information Policy and Customer Notice
  • Testing of record keeping procedures

 

Due to recent international events and heightened national security issues, both Federal and State regulators have made compliance with the BSA their number one priority.

 

Federal and State examiners are critically reviewing each credit union’s BSA policies and procedures to ensure that everyone on the credit union’s staff is aware of the BSA’s requirements and is following the BSA’s record keeping and reporting regulations.

BSA compliance promises to remain a focus for the foreseeable future as the Financial Crimes Enforcement Network (FinCEN) requires Federal regulators to demonstrate that they are doing a good job of enforcing compliance with the BSA.

With over 15 years of experience working with credit unions of various sizes, our compliance experts understand the BSA’s requirements and how those requirements interface with the USA Patriot Act and the Office of Foreign Assets Control (OFAC) regulations. Don’t risk being found non-compliant by your State or Federal regulator. Call us today to schedule your independent Bank Secrecy Act Review. 412-854-1260.

***For your convenience, we can conduct your independent BSA Review on site or you can send your BSA policies and procedures to us via U.S. mail, e-mail or fax. We will review your documents and conduct a thorough telephone conference with your BSA Compliance Officer and other staff before issuing a comprehensive report detailing our findings and recommendations.***

In addition, we have developed a BSA Training Program designed to satisfy the BSA’s annual training requirement. Our training program includes:

  • The Impact of Money Laundering on the Banking Industry
  • The History of the BSA—Why is the BSA Necessary?
  • The BSA’s Requirements
    • What are Internal Controls?
    • What should Independent Testing Include?
    • What are the BSA Compliance Officer’s Responsibilities?
    • How often should you conduct BSA Training and what should that Training Entail?
  • Penalties for Not Complying with the BSA
  • Employee’s Role in Complying with the BSA
  • Documentation Required by the BSA
    • Currency Transaction Reports (CRTs)
    • Suspicious Transaction Reports (SARs)
  • BSA Record Keeping Requirements
    • Wire Transfer Log
    • Monetary Instruments Log
  • Customer Identification Programs and Procedures

 

To purchase this training program or schedule our compliance experts to conduct this program on-site at your credit union, call 412-854-1260.

Our firm specializes in credit unions.  Our staff regularly provides Business Consulting and Internal Audit Work for credit unions of all sizes.  In addition, our audit team conducts annual Supervisory Committee, Opinion and ACH audits and works closely with credit union management to develop policies and procedures that ensure compliance on all fronts.  We also have an expertise in Fraud Audits and regularly assist credit unions with recovering amounts lost to fraud.

Don’t trust your annual independent BSA Review to just anyone.  Choose the firm dedicated to the advancement of the credit union movement.  Choose Popa & Associates, PC, 412-854-1260.