NJCUL Compliance Staff Members Achieve Certification & Re-Certifications at CUNA/NASCUS BSA Conference

CUNA hosted its annual Bank Secrecy Act (BSA) Conference last week in San Antonio in conjunction with the National Association of State Credit Union Supervisors (NASCUS). The more than 300 conference attendees–including NJCUL compliance staff members–heard from a variety of experts on the top BSA issues facing credit unions.

The NJCUL's own VP of Compliance & Regulatory Affairs, Nicola Foggie and Shared Compliance Specialist, Sabrina Forano successfully achieved re-certification as Bank Secrecy Act Compliance Specialists (BSACS). NJCUL Shared Compliance Specialist, Evelyn Shyposh was certified for the first time. 

NJCUL Shared Compliance Specialists Sabrina Forano (left) and Evelyn Shyposh (center) and VP of Compliance & Regulatory Affairs Nicola Foggie at the BSA Conference in San Antonio, Texas.

CUNA News featured live coverage of the sessions throughout the week. Sessions covered everything from demonstrations of CUNA’s Compliance Community to upcoming BSA requirements.

Highlights of the week include:

  • BSA compliance: What does NCUA expect? While regulations require credit unions to conduct staff training, they don’t establish a schedule for how often it should take place. The general rule of thumb is every 12 to 18 months;
     
  • Identifying elder financial exploitation: Generally speaking, financial exploitation of an elder can be defined as an action that “benefits the perpetrator, to the financial detriment of the member;”
     
  • Emerging technology heightens BSA/AML focus: Current events indicate BSA compliance topic will only get hotter. With the new administration of President-elect Donald Trump changes might come in the next year;
     
  • Guard against employee dishonesty: Credit unions of every size must approach risk and internal controls from every angle to stay more secure, such as having appropriate internal controls in place to address unauthorized or fictitious loans, bondability verification, and background checks;
     
  • Combat illicit financing by sharing information: Under the USA PATRIOT Act, credit unions and other financial institutions may share information with one another to identify and report to the federal government activities that may involve money laundering or terrorist activity;
     
  • Experts survey BSA compliance landscape: “A former state banking regulator stressed the importance of hiring top-notch BSA compliance staff, saying ‘This is not a game--this is certainly a safety and soundness issue;’” and
     
  • A checklist for your next BSA exam: BSA is one of the few regulatory compliance issues where ‘your examiner can help you if additional resources are needed,’ an expert told attendees, and offered a number of tips for exam preparation.

Next year’s CUNA/NASCUS BSA Conference will take place Nov. 12 to 15 in Las Vegas.

In addition to CompBlog, CUNA’s Compliance Community contains discussion boards and a number of other resources for credit union compliance professionals around the country.