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White Paper Detail

White Paper

Key Elements to an Effective BSA-AML Compliance Program

By W.B. King

posted 11.17.2015 (op & ss)

The all-important task of determining whether a credit union is compliant with Bank Secrecy Act (BSA) and U.S. anti-money laundering (AML) laws falls on the desk of internal auditors and regulators. However, there is a chain of command that includes the C-suite, board of directors and supervisory committee—all of which are instrumental in ensuring that the credit union remains amenable.

As a result, this white paper profiles several credit unions’ operational approaches to BSA-AML compliance and addresses:

•     Who is responsible for integrating BSA-AML compliance into the credit union’s operations?

•     How is this process structured within the credit union?

•     What is an effective system for monitoring BSA-AML?

•     How are credit unions managing record retention related to BSA-AML?

•     What are the best metrics and reports being used to keep C-suite, board and supervisory committee informed?

•     And as a credit union grows, what may need to change in order to remain in compliance?

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White Papers

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