ViClarity Compliance Update

Treasury guidance on pennies, FTC fraud warning, and BSA/AML updates.

U.S. Treasury Publishes FAQs Addressing Penny Circulation Issues
Earlier this year, the Trump Administration announced that it was going to end the production of the U.S. Penny. The cessation of the minting of pennies has resulted in some significant issues for the financial services industry. Fortunately, the United States Department of Treasury has recently published some guidance to address some commonly-asked questions here.
 
Who Did You Say You Were? Federal Trade Commission (FTC) Warns of Influencer Trend of Filing False Identity Theft Reports
Influencers can be helpful to credit unions. Whether they are used for testimonials or as a “live” advertisement, having a person with some online clout promote credit unions products can be a cost-effective, poignant way to get the word out…except when it’s not. Read more here.
 
Updating Your BSA/AML Risk Assessment: Are You Ready for the New Year?
The credit union’s Bank Security Act (BSA)/Anti-Money Laundering (AML) risk assessment is the grounding pillar of a successful anti-money laundering program. Updating the BSA/AML risk assessment annually is not just a best practice, it is a critical control that supports compliance, protects members, and enables efficient use of resources. As products, services, member behavior, and geographic footprints evolve, so do money laundering and terrorist financing risks. Outdated or overly simplistic risk assessments fail to capture these changes, leaving institutions exposed to regulatory criticism and operational inefficiency. Learn more here. 

January Q&As
Compliance Calendar

​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.