Dover N.J. Spanish-American FCU for BSA Violations

ALEXANDRIA, Va. – In a rare move, NCUA issued a cease and desist order yesterday against Dover NJ Spanish-American FCU for a broad range of violations of anti-money laundering laws.The C&D directs the $20 million credit union’s board and management to hire specialists in Bank Secrecy Act compliance to correct deficiencies in their reporting; hire a full-time BSA compliance officer; ensure cash transactions and wire monitoring spreadsheets are updated daily; and ensure all required reports, including Currency Transaction Reports and Suspicious Activity Reports, are completed timely, accurately and completely. The credit union is also directed to have its new BSA officer verify the validity of social security numbers, employee identification numbers and individual tax identification numbers who joined the credit union since January 1, 2000.