An update on NCUA’s exam priorities
BSA, CECL, cybersecurity among agency’s top concerns.
CUNA Chief Compliance Officer Jared Ihrig provided an overview of NCUA examination priorities during a breakout session at the co-located CUNA Technology Council and CUNA Operations and Member Experience Council Conferences in Chicago earlier this month.
Among the agency’s top examination priorities:
►Bank Secrecy Act (BSA) compliance. NCUA will conduct more in-depth reviews on BSA and anti-money laundering policies, procedures, and processes related to requirements for customer due diligence and identification/verification of beneficial owners of legal entity members, Ihrig says.
The agency is looking closely at the enhanced customer due diligence requirements that went into effect May 11, 2018.
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