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08/31/15 12:55 PM
and Nix Neighborhood Lending (Nix) partnered with Los Angeles Fire Department (LAFD)
Fire Station #64 and the Los Angeles Police Department (LAPD) Southeast Division to donate nearly 470
backpacks filled with school supplies to students in Watts. Assemblyman Mike A. Gipson, Los Angeles City
Councilman Marqueece Harris-Dawson, and “Sweet Alice” Harris were on hand to show their support.
Kinecta and Nix held a month-long collection campaign collecting nearly 600 backpacks filled with school
supplies with additional backpacks donated by the Richstone Family Center, Thomas House Family Shelter,
and other schools and community organizations.
Click to view the latest Member News
From the Editors of CU Weekly
'FUNNEL ACCOUNT' ADVISORY ISSUED
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:
- Explanation of what a funnel account is.
- Background regarding the most recent issue.
- Typical steps of funnel account activity in conjunction with TBML.
- Funnel account and TBML red flags.
- Guidance for financial institutions.
- Contact and hotline information.