Cease and Desist Order Highlights Importance of BSA Compliance
Blog posted by John Zasada
A credit union in Pennsylvania received a cease and desist order on November 1, 2011; this is yet another example of a credit union’s deficient Bank Secrecy Act (BSA) program leading in part to government intervention.
The credit union is very small, with less than $2 million in assets and about 1,600 members. The order requires the credit union to establish a BSA compliance program and obtain a BSA independent test from a third party. Interestingly, the order also requires the credit union to now aggregate transactions of $2,000 or more in order to identify suspicious transactions.
Read the cease and desist order from the National Credit Union Administration (NCUA).