Confidential FinCEN Report Focuses on CU Money Laundering Risk
The Wall Street Journal has reported that a confidential FinCEN report identifies more than 50 credit unions as being vulnerable to money laundering. While not citing any wrongdoing on the part of these credit unions, FinCEN is concerned that these institutions may not have sufficient due diligence and monitoring systems in place to address an increase in the use of smaller institutions by both money services business (that launder money) and drug traffickers. [6/3/15]
