From the desk of Joe Spenski

Are you monitoring your dormant accounts?

The Credit Union Times recently posted an article where an employee of a small California Credit Union embezzled $1.2 Million from dormant accounts. The former employee was able to transfer funds from dormant accounts to accounts that were controlled by her and her husband. This lead to the eventual closing of the Credit Union in […]

Money Service Businesses (MSBs)

During the last AuditLink focus group, we mentioned that we had found two Money Stores through our daily monitoring. In both instances, we noticed the accounts had large outside check deposits followed by large cash withdrawals on either the same or next day.  In order for an MSB to be a legitimate business, there are several […]

Electronic Version of BSA Manual

If you haven’t had a chance to to read through all 439 pages of the Bank Secrecy Act/Anti-Money Laundering Examination Manual that was issued on April 29, 2010….now is your chance! The FFIEC has finally posted the electronic version of the manual for your viewing pleasure. FFIEC Electronic BSA Manual