This release describes the Bank Secrecy Act and anti money laundering monitoring, reporting, and record-keeping requirements. It also describes Part 748 of the NCUA Rules and Regulations, which mandates Bank Secrecy Act compliance steps for all federally-insured credit unions.
This release includes: Sample BSA Risk Assessment.
- The League’s Compliance Specialist program can conduct BSA compliance reviews for your credit union. Credit unions need independent testing of their BSA compliance every 12 to 18 months. We review the Credit Union’s BSA program and compliance with federal OFAC rules. Our written report identifies each problem area and ranks priorities to help you address the most serious issues first.
- As part of your dues-supported services, The League offers member credit unions free access to PolicyAid – a comprehensive online compliance policy library, giving credit unions access to more than 100 sample policies, including a BSA policy, that you can download and adapt to fit your operations.