Tuesday, September 10, 2013

North Dade Community Development FCU Cited for BSA and Money Laundering Deficiencies

The National Credit Union Administration has issued a cease and desist order to North Dade Community Development Federal Credit Union of Miami Gardens, Florida for weaknesses in the credit union's bank secrecy, anti-money laundering, and foreign assets control programs.

The order requires the credit union to stop transacting all business activity for money services businesses not located within the credit union’s geographic field of membership and to suspend transacting business activity for all remaining member money services businesses until an adequate Bank Secrecy Act/Anti-Money Laundering/Office of Foreign Assets Control program is developed and implemented.

NCUA also ordered the credit union to verify that all members are within the credit union’s field of membership; identify all bank secrecy/anti-money laundering/foreign assets control compliance deficiencies; designate a Bank Secrecy Act compliance officer; complete a comprehensive bank secrecy/anti-money laundering/foreign assets control risk assessment; and revise and document board approval for all policies relating to bank secrecy, anti-money laundering, and foreign assets control.

Read the press release.

Read the cease and desist order.
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