LAS VEGAS — Credit unions should maintain good communication with their corporates in complying with the Bank Secrecy Act and anti-money laundering regulations, but when that dialogue is missing, it can be unsettling indeed, according to a corporate credit union executive.
Nancy Virkler, senior vice president at Members United Corporate in Albany, N.Y., said CUs should rely on corporates as a trusted partner in meeting BSA regulations.
"I find it scary," she said when she hears about a CU failing to respond to a so-called 314a request for information under BSA.
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