AuditLink’s Top Ten

AuditLink’s Top Ten

Following is the list of suggested projects—affectionately referred to as AuditLink’s Top Ten ­which have made it to my radar and are currently being discussed here at CU*Answers.  You’ll notice a few that are well along in development and nearing implementation, while others are still in the early stages of design.  And some of these […]

1. ALM Download Enhancements

Activity – You’d like to get more out of your ALM relationship, but the amount of data they originally requested does not give them what they need to provide you with a more robust set of reports. Solution – In 2011 we reached out to a number of ALM proiders, asking them to partner with […]

2. BSA Enhancement: Joint Owner Activity

Activity – Member avoids currency transaction monitoring by depositing cash into multiple accounts, some on which the member is the primary account holder and others as only a joint owner. Solution – Enhance the BSA monitoring feature to enable account tracking on every account connected to the Social Security number of every member, regardless of […]

3. Check Cashing Function

Activity – Member comes in to cash a check and the teller uses the check cashing function which does not write out a transaction on the member’s account. Four issues: First, in most states this is prohibited on business accounts. Second, when reviewing BSA activity the auditor must also review the teller audit log. Third, […]

4. Critical Field Monitoring

Activity – Currently credit unions must review the file maintenance logs to determine if the changes made to member accounts were completed correctly and with the proper authority. Solution – Create a screen where the credit union could chose up to 15 different critical system fields which currently show on the file maintenance log. At […]

5. BSA Log Management for Exempt Members

Activity – You are reviewing your BSA daily log and you believe one of the members listed is exempt from filing but your are not sure.   In order for you to determine if you need to file a CTR you must go out to the Update Membership info screen and determine if the flag has been […]

6. Identity Theft

Activity – Member has not had any debit card or credit card activity (primarily Visa) for an extended period of time. A sudden onslaught of transactions in extraordinarily large amounts are one clue that this is identity theft. This activity has the potential for both loss of the card and card information. With the stolen […]

7. CTR Automated Filing

Activity – As of June 30, 2012, credit unions will be required to use e-filing to submit CTRs, via the FinCEn website.   Because CU*BASE does not support e-filing yet, in the meantime credit unions will print a CTR generated by CU*Base and manually re-enter the information into the e-filing system. Solution – CU*Answers is working […]

8. Enterprise Risk Management

Activity – ERM is not a new acronym in the financial institution industry.  In 2003, the NCUA issued a letter to credit unions outlining the seven primary risks associated with running a credit union and went on to change the exam structure to a new risk-focused process.   However, developing an ERM program with a n […]

9. Wire Transfer Enhancements for Fraud Prevention

Updated: May 14th, 2013 We are considering six potential additions to stave off future losses including the following: Add a call to the wire transfer outgoing screen for red flag warning the user that address changes have occurred in the last thirty days Check on deposits made to the account in the last 14 days […]