To further expand their ability to serve the compliance needs of Missouri credit unions, two of the Missouri Credit Union Association’s (MCUA’s) compliance consultants recently completed a rigorous set of qualifications to earn the Credit Union National Association (CUNA) Bank Secrecy Act Compliance Specialist certification.
MCUA’s Karen Baker and Sarah Easley completed more than 30 credits of Bank Secrecy Act education and passed a proctored test prior to receiving the certification.
Baker received her certification on January 18 following an exam at St. Charles Community College. In addition to the BSACS, she also holds certification as a Credit Union Compliance Expert (CUCE).
Easley received her certification in August 2011. She also holds certifications as a Credit Union Compliance Expert (CUCE), Certified Regulatory Compliance Manager (CRCM), and a Certified Anti-Money Laundering Specialist (CAMS).
“As we expand our knowledge, we are able to provide a deeper understanding of BSA rules and regulations to better serve our members day in and day out,” says Peggy Nalls, MCUA’s chief advocacy officer. “I’m proud to have members of our team with such experience, training and drive.”
The Bank Secrecy Act (BSA), also known as The Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970, was enacted to help in the investigations of money laundering, tax evasion and other criminal activity. The BSA is a combination of various statutes that require credit unions to record and retain certain records as well as report certain financial transactions to the federal government.
Focus on BSA related laws and regulations is increasing during NCUA and state examines. The NCUA said that credit unions that are written up by their examiners for BSA compliance shortcomings, which are not corrected within 90 days, will be subject to serious enforcement actions.
If you have questions about BSA related issues, give one of our compliance experts a call at 800.446.3620 or send them an e-mail.