Compliance: Looking at NCUA’s BSA requirements

With CUNA’s Bank Secrecy Act (BSA) Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.

The U.S. Treasury’s Financial Crimes Enforcement Network has numerous BSA requirements, but the NCUA has a number of them as well.

NCUA’s rule 748 requires federally insured credit unions to establish a BSA compliance program that provides for:

  • A designated BSA compliance officer who has been appointed by the credit union’s board of directors;
    • The officer should be qualified, meaning fully knowledgeable of the BSA Act, its regulations and the credit union’s products, services, members and risks associated with those activities.
    • The officer should regularly apprise senior management staff of ongoing BSA compliance.


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