Due to the unprecedented momentum of digital transformation, many credit unions are expanding their digital ecosystem to provide payments processing services to their merchant accounts. By functioning like a payment aggregator (PA), credit unions are [...]
NCUA’s latest supervisory letter (SL-18-01) addresses compliance with the new Bank Secrecy Act (BSA) customer due diligence (CDC) and beneficial ownership rules. According to the agency, once the BSA Questionnaire and consumer compliance violations [...]
Credit unions now have less than six months to come into compliance with the Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence (CDD) rule, effective May 11, 2018. CUNA has developed a number of tools [...]
The Financial Crimes Enforcement Network published new proposed rules under the Bank Secrecy Act on Aug. 4. The new rules are a continuation of the current Customer Due Diligence requirements all financial institutions need to [...]
