NCUA Issues Cease and Desist Order For BSA & OFAC Violations
NCUA has issued a C&D against North Dade Community Development FCU for violations of the BSA/AML and OFAC. Among the issues cited were the lack of a BSA Compliance Officer, the lack of a current BSA and OFAC risk assessment, and the lack of an internal BSA monitoring program. In addition, the CU was cited for opening accounts for money service business outside of its field of membership and for inadequately monitoring the activities of other money services businesses within its field of membership. [9/10]
