Taking a Look at Your Credit Union’s Bank Secrecy Act/Anti-Money Laundering Program

Financial Institutions

November 01, 2016
by Shelley Foster

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When was the last time you took a close look at your credit union’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program?  With the recent implementation of rules to strengthen the member due diligence requirements, now is a good time to do a careful review of your program to ensure it is adequate.  Credit unions are expected to implement and maintain a sound, effective BSA/AML program that incorporates procedures to identify, measure, monitor, and manage risks and is reviewed and revised as necessary on an ongoing basis.

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