ViClarity Compliance Update

Webinar on AI risk management; Plus, catch key updates on CTA/BOI rules; FinCEN changes; and a big court win for credit unions.

The Dakota Credit Union Association’s dues-supported compliance solution –  ViClarity – is a world leader in credit union compliance. To read the complete articles/answers that are linked, you will need to log in with your username and password. If you have questions about establishing your members-only account with ViClarity, click here for detailed instructions or contact DakCU's John Alexander.​ 

Town Hall Webinar: AI: Risk Mitigation Tactics for Common Implementation Processes
May 21, 2025 01:00 PM CST
As Artificial Intelligence (AI) becomes more widely adopted and integral to credit union processes, you need to know how to create appropriate risk mitigation tactics. In this quarter's town hall webinar, ViClarity Compliance Officer Kayley Grant will share how to mitigate potential risks and liabilities in your compliance operations while creating a safe environment for AI to help your credit union prosper. Join us to learn about AI implementation risks and benefits, the AI regulatory landscape, and how it all affects your credit union! Register here. 

“Who’s on First?" Congress Asked to Repeal CTA and Reform AML Rules
The changes with the Corporate Transparency Act (CTA) are giving industry participants a bit of whiplash. For example, the Beneficial Ownership Information (BOI) rule was finalized, then paused, then re-instated, then paused again, and then, most recently, the Financial Crimes Enforcement Network (FinCEN) significantly narrowed the rules regarding the BOI rule. Couple that with last month’s announcement by the U.S. Department of the Treasury’s staying any enforcement, particularly with regard to penalties and fines, for the CTA, and you’ve got the industry asking, “Who’s on first?” Find more here. 

FinCEN Narrows Requirements of BOI Rule With Interim Final Rule
The Financial Crimes Enforcement Network (FinCEN) has adopted an interim final rule which narrows the requirements for the existing Beneficial Ownership Information (BOI) rule. According to the terms of the interim rule, “domestic reporting companies” are exempted from reporting requirements and are not required to report BOI to FinCEN. Domestic reporting companies are also no longer required to update or correct BOI which had been reported to FinCEN. Read more here. 

Almost Independent: Thoughtful Approaches to AI Implementation
Does AI stand for Artificial Intelligence or Almost Independent? AI is becoming increasingly more automated, operating nearly independently with very little human interaction or oversight. However, as the technology continues to develop and become more adaptable to day-to-day processes, credit unions should know how to implement AI in a way that makes sense and provides the least amount of risk. Find out how here. 

​#Winning! Federal Court of Appeals Holds Credit Unions Not Liable for Member Fraud
In a huge win for credit unions, a federal court of appeals decided that a federally chartered credit union was not liable for the fraudulent acts of its member. As reported by America’s Credit Unions, the U.S. Court of Appeals for the Fourth Circuit held that a credit union “has no liability unless it had actual knowledge of the misdescription." Read more about this win here​.