MADISON, Wis.–A new white paper from the CUNA Operations Sales & Service Council, “Key Elements to an Effective BSA-AML Compliance Program,” explores how credit unions execute internal operations necessary to meet BSA-AML compliance.
“The all-important task of determining whether a credit union is compliant with Bank Secrecy Act (BSA) and U.S. anti-money laundering (AML) laws falls on the desk of internal auditors and regulators,” the Council said. “However, there is a chain of command that includes the C-suite, board of directors and supervisory committee—all of which are instrumental in ensuring that the credit union remains amenable.”
As a result, this white paper profiles several credit unions’ operational approaches to BSA-AML compliance and addresses:
• 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, board and supervisory committee 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 complimentary copies of these, and hundreds of other white papers.
The papers are available online in the white paper section of www.cunacouncils.org.