PARSIPPANY, N.J. – NCUA said yesterday it has terminated a cease and desist order against Garden Savings FCU because the $160 million credit union has designed and implemented a comprehensive program to guard against Bank Secrecy Act violations.
A June 2007 order by NCUA required the credit union to hire a BSA compliance officer and create a comprehensive program to identify all high-risk members; monitor all high-risk accounts for suspicious activity; ensure all Currency Transaction Reports and Suspicious Activity Reports are completed accurately and timely; and ensure all relevant staff are trained properly in BSA requirements.
The BSA violations have been resolved and the credit union is now compliant with provisions of the law, said NCUA.
