CUNA joined the National Association for State Credit Union Supervisors (NASCUS) earlier this month for its annual Bank Secrecy Act/Anti-money Laundering (BSA/AML) Certification Conference in Tempe, Ariz. The three-day event featured presentations on the most pressing compliance issues facing credit unions today.
Former FBI agent and prosecutor Chris Swecker discussed the importance of BSA officers, which he said “support the most important database in law enforcement” and said compliance officers like those in attendance play a critical role.
He said BSA and AML reports provide valuable information that enables law enforcement to initiate investigations where warranted, since the financial institutions are on the ground and seeing what transactions are taking place.
He also noted that fraud accounts for $620 billion in annual losses in the U.S. each year.
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