Security Program, Report of Crime and Catastrophic Act and Bank Secrecy Act Compliance.
748.2 Procedures for monitoring Bank Secrecy Act (BSA) compliance.
This rule imposes “four pillars” NCUA requires in each credit union’s BSA program:
- A system of internal controls to assure ongoing compliance;
- Training for appropriate personnel;
- Designation of a BSA compliance officer; and
- Independent testing of BSA compliance.