TYSONS, Va.– PenFed Credit Union has been recognized by the United States Treasury’s financial intelligence unit for award-winning compliance efforts that led to successful prosecution of a significant criminal case.
In a letter to PenFed President and CEO James Schenck, Financial Crimes Enforcement Network (FinCEN) Acting Director Jamal El-Hindi thanked PenFed for “making substantial contributions, through the institution’s Bank Secrecy Act (BSA) reporting, to one of six significant criminal cases to receive FinCEN’s third annual Law Enforcement Award.”
El-Hindi noted that “information reported under BSA was critical to prosecutorial success. The investigations that we are recognizing through this awards program may not have been pursued but for the reporting made by financial institutions, like yours, pursuant to FinCEN’s regulatory requirements. I am pleased to recognize that BSA reporting by your institution made a significant contribution to the law enforcement efforts of one of the six award-winning cases.”
PenFed noted that FinCEN must limit details that can be publicly shared about each case, but El-Hindi wrote, “We wanted to provide this letter… in recognition of your institution’s valuable contribution. We hope that this letter underscores the importance of your institution’s compliance efforts, and reminds everyone contributing to anti-money laundering compliance at your institution—from the CEO to the front-line service staff—that their efforts truly make a difference each and every day. Thank you again for your important compliance efforts.”
“PenFed has developed a strong culture of compliance with BSA regulations as we work with FinCEN, the National Credit Union Administration, and other government agencies to detect money laundering and financial criminals,” said Schenck. “I am very proud of our team of former Secret Service, Federal Bureau of Investigation, and career financial professionals who are steadfast in their respective responsibilities—quiet professionals who are making a difference. As a leading credit union, we place a high priority on combating money laundering and financial crimes in order to protect our members and our national security.”