WASHINGTON (5/27/08)--Roughly 100 credit union professionals received a regulatory overview on the Bank Secrecy Act (BSA) at a recent conference held by the Credit Union National Association (CUNA) and the National Association of State Credit Union Supervisors (NASCUS) in Washington, D.C. last week. The conference was held May 18-22. It featured a number of experts in the field, including representatives from the Financial Crimes Enforcement Network, Office of Foreign Assets Control (OFAC) and the National Credit Union Administration (NCUA). Matt Biliouris, NCUA program officer, gave participants a heads-up on some of the most common BSA violations credit unions still make, including lack of training or failing to document the training, lack of internal controls (such as not having a back-up BSA officer), and failing to conduct independent testing every 12-18 months. "Participants also learned the answers to some of the most frequently asked BSA and OFAC compliance questions, the importance of member due diligence, how to mitigate the risks associated with offering various payment alternatives, handling operating cash transfers and currency transaction reports, and much more," said Valerie Moss, CUNA director of compliance information. Moss, along with Nichole Seabron, CUNA federal compliance counsel, provided a three-hour overview of BSA issues for attendees taking CUNA’s BSA specialist certification exam. Other speakers included:
* Mark Ennis, compliance project officer, Financial Crimes Enforcement Network; * Lorraine Lawlor, OFAC; * Laura Pizzarelli, Credit Union Service Corporation (CUSC); * Frank Drake, Smith Debnam Narron Wyche Saintsing & Myers LL; * Mary Lou Heighes, Compliance Plus, Inc.; * David Abshier, Secura Group; * Carol Van Cleef, Bryan Cave LLP; * Tim McLeod, senior vice president, Singing River FCU, Moss Point, Miss.; and * Andrew King and Jamie King, Verafin.
CUNA’s next BSA conference is scheduled for Oct. 19-22 in Atlanta.