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From the Editors of CU Weekly

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:

  • 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.

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updated 09/28/15 02:11 PM
'Your Home Loan Toolkit'
The Consumer Financial Protection Bureau (CFPB) has posted a Spanish language version of its Home Buying Information Booklet—also known as the “special information booklet” or “settlement cost booklet”—as required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, and Regulation Z.

Click to view the complete story

updated 09/22/15 09:21 AM
PolicyWorks News a Valuable Resource
In a recent presentation to credit unions, Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery said some early research by FinCEN indicates that over the past nearly two years there are a number of credit unions that haven’t filed Bank Secrecy Act (BSA) Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs).

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D.J.'s Economix
Leagues Chief Economist Dwight Johnston continually provides economic and market analysis that is both informative and entertaining. Continue for daily and monthly commentary, rate forecasts, and economic updates.
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