Failure to abide by Bank Secrecy Act requirements couldland credit unions in hot water like the $3.6 million North Dade Community Development Federal Credit Union of Miami Gardens, Fla. The credit union was hit with a $300,000 fine for numerous BSA violations on Nov. 25.

But what could North Dade have done to avoid the regulatory run in?

"As flagged by FinCEN, North Dade should have designated a person responsible to oversee BSA compliance," attorney Martin Kenney, a renowned anti-money laundering expert, said. "However you first have to have compliance to oversee."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.