FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
New York State Banking department issues Cease & Desist against credit union for AML deficiencies
27 June 2007
Credit unions had better check their AML/BSA programmes; that's the obvious message when such agencies as the New York State Department of Banking (NYSDB) filed a Consent Order to Cease and Desist against Niagara Frontier Federal Employees Credit Union, of Niagara Falls, New York for AML and BSA deficiencies, amongst other shortcomings.
The credit union was ordered to:
The report on the test was to go to the NYSDB.
Should any readers wish to read the entire text of the Cease & Desist:
http://www.banking.state.ny.us/ea070622.htm
- Revise BSA Policies & procedures to comply with Bank Secrecy Act within 60 days.
- Revise OFAC compliance policies within 60 days.
- Conduct an independent test of compliance with BSA and OFAC requirements within 90 days.
The report on the test was to go to the NYSDB.
Should any readers wish to read the entire text of the Cease & Desist:
http://www.banking.state.ny.us/ea070622.htm
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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