All Shook Up; FinCEN Issues BSA Civil Money Penalties
Written by Steve Van Beek
First off, I hope everyone impacted by the Virginia earthquake is safe and was able to get in touch with friends and loved ones. Â For me, yesterday was not the best day for my fiance's cell phone to be out of juice. Â Luckily, a friendly stranger allowed her to get in touch with me and I'm very thankful for the random act of kindness.
The NAFCU building got a good shake yesterday but all of NAFCU's staff was able to safely exit the building without incident or injury. Â
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On Monday, FinCEN, the FDIC and the Floirida Office of Financial Regulation issued Civil Money Penalties (CMP) of $10.9 million against Ocean Bank in Florida.  These orders can sometimes be used as good training tools for credit unions and a guide of what not to do.  Also, if anyone at your credit union doubts the importance of proper resources to manage BSA risks - these CMPs might be a good item to pass their way.   Â