'FUNNEL ACCOUNT' ADVISORY ISSUED
updated 06/08/14 10:36 AM
FinCEN Guidance on Red Flags
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the increased use of “funnel accounts” as part of trade-based money laundering (TBML) conducted by criminals following restrictions on U.S. currency transactions in Mexico.
The advisory provides “red flags” that may assist credit unions in identifying and reporting suspicious funnel account activity.
Click here to view the advisory.
The advisory presents the following helpful information:
EXPERTS GIVE ADVICE TO CREDIT UNIONS updated
09/18/14 11:26 AM
Your Problem: Solved
Risk-based pricing (compliance), creating an operational plan (strategic planning), and making a solid value proposition (marketing) are all highlighted within the latest “Problem? Solved!” column in Credit Union Digest.
GOV. BROWN SIGNS AB 2293 INTO LAW updated
09/18/14 05:06 PM
Relieves CUs of Collateral Burden
California Gov. Jerry Brown signed legislation today mandating baseline insurance requirements for Transportation Network Companies (TNCs)—a move that will help credit unions burdened by a significant reduction in collateral value when accidents occur to these companies’ drivers.
SEPTEMBER: NAT'L PREPAREDNESS MONTH updated
09/17/14 09:13 AM
CO-OP Reminds CUs to Be Ready
The magnitude 6.1 earthquake that struck Napa, CA on Aug. 24 serves as a reminder for vigilant disaster preparedness, as members depend on their credit unions more than ever in times of emergency.
ARTICLES CALL ON LAWMAKERS TO ACT updated
09/15/14 02:07 PM
Data Breaches in Focus
Various opinion articles defending the credit union movement’s stance on data breaches were published in five regional and community newspapers across California and Nevada within the past week as the latest data theft incident at national retailer Home Depot continues to be critiqued in the media spotlight.