Schedule Your Required 2017 Independent Bank Secrecy Act Assessment Today

Every credit union is required by Section 748.2(c)(2) of the NCUA’s Rules and Regulations to conduct an annual independent BSA assessment. The New Jersey Credit Union League offers a full range of compliance solutions, including BSA assessments. We’re open for business—members can now schedule their required 2017 Annual Independent BSA Assessments with the League’s Compliance Center.

Not only is the assessment required by law, NCUA’s Letter to Credit Unions (16-CU-01) listed Bank Secrecy Act Compliance as one of its top priorities for the year. The letter to credit union board of directors and chief executive officers stated, “NCUA remains vigilant in ensuring the credit union system is not used to launder money or finance criminal or terrorist activity. All federally insured credit unions must perform certain recordkeeping and meet reporting requirements to detect this type of activity as required by the Bank Secrecy Act.”

Most supervisory committees engage external auditors to assist them in meeting this requirement, but not always with firms specializing in the unique needs of credit unions and their operating environment. The New Jersey Credit Union League’s team of compliance specialists has the experience, qualifications, and specific credit union expertise to ensure that the credit union will be compliant through its next NCUA examination. By delivering comprehensive reporting and recommendations, an Independent Bank Secrecy Act Assessment review and report by the League will help validate the credit union’s operations and internal controls to the complete satisfaction of your board of directors, supervisory committee, and examiners.

To schedule your 2017 assessment contact Nicola Foggie at nfoggie@njcul.org or call at 1-800-792-8861, ext. 112. Don’t forget to ask about our Shared Compliance Program!

Click here for the full listing of Compliance Center Solutions. Multi-year discounts available upon request.