NU 2025 Conference Test: A Deep Dive into Bank Secrecy

Thursday, June 19, 2025

A Deep Dive into Bank Secrecy

Lindsey Becker, CRCM, Financial Institutions Group, Doeren

Join this informative session as Doeren Mayhew's Lindsey Becker takes a deep dive into all things Bank Secrecy Act (BSA)/anti-money laundering (AML). We'll explore the five pillars of a successful BSA/AML compliance program, the benefits of having a BSA/AML software data validation review done, SAR filings and much more. Walk away with a clear understanding of BSA/AML and best practices to bring back to your credit union.

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Question 1: *

A few of the responsibilities of the Board of Directors is to appoint a BSA Officer and approve the BSA risk assessment.

Question 2: *

BSA independent testing should be performed every three years.

Question 3: *

Section 314 (a): Information sharing between law enforcement and financial institutions is a required practice and not optional.

Question 4: *

Compliance with OFAC sanctions means credit unions must monitor, block, and report financial transactions linked to individuals or entities subject to these sanctions.

Question 5: *

ATM jackpotting can be argued as a form of robbery; no SAR required if reported correctly.

Question 6: *

The federal government regulates marijuana related businesses and not individual states.

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