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FinCEN Director Says Many CUs Not Filing SARs or CTRs
Thursday, September 17, 2015 6:40 AM

An article in Credit Union Journal warns that many credit unions do not appear to be properly following reporting requirements. Speaking to the National Association of Federal Credit Unions, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery reported an unusually large number of credit unions that have not filed suspicious activity reports or currency transaction reports for nearly two years.

Shasky Calvery said analysts at FinCEN continually analyze data like SARs and CTRs, which banks and credit unions are required to file to if they detect potential illegal activity or if cash transactions are more than $10,000.

"The transparency you provide through your reporting is incredibly important," Shasky Calvery said. "At the same time, we also ask you to keep dirty money from contaminating not only your own institution but the financial system as a whole and I can appreciate that those two messages can seem at odds with one another."

Earlier this year, in a confidential report to NCUA, FinCEN identified more than 50 credit unions the organization considered to be at risk of serving as a conduit for money laundering activities. The common denominator among this handful of credit unions was that they serve money services business, such as check cashing firms or remittances businesses.

For more on this article, please visit CU Journal here.