Be on the alert for financing schemes

Front-line staff should be the eyes and ears of their credit unions

Money laundering and terrorist financing schemes might seem like activities you’d only see on television. But they can, and do, strike credit unions.

The criminals conducting these activities don’t discriminate against financial institution type, asset size, or location. Anyone can be a victim.

That’s why credit unions must closely observe member activities to prevent money laundering and terrorist financing from inflicting damage on members, communities, and your reputation.

For credit union staff who live and breathe the Bank Secrecy Act (BSA) and anti-money laundering (AML) protocols, identifying suspicious activity is second nature. But staff not exposed to these guidelines on a daily basis might have a more difficult time.

continue reading »