MIAMI GARDENS, Fla. NCUA on Monday issued a supervisory order directing North Dade Community Development FCU to clean up its anti-money laundering program, amid questions about the membership eligibility of people using the credit union’s money services.
The cease and desist order will require the $5.8-million CDCU to immediately halt its money services business to people outside its field of membership and to suspend activity for all remaining member money services businesses until an adequate Bank Secrecy Act/Anti-Money Laundering/Office of Foreign Assets Control program is developed and implemented.
The tiny credit union, with just 780 members, has seen its assets surge 43% over the past 12 months to $5.8 million. It is authorized to serve a community of north Dade County to the Broward County line.
The federal regulator ordered the CDCU to verify that all members are within the credit union’s field of membership; identify all bank secrecy/anti-money laundering/foreign assets control compliance deficiencies; designate a Bank Secrecy Act compliance officer; complete a comprehensive bank secrecy/anti-money laundering/foreign assets control risk assessment; and revise and document board approval for all policies relating to bank secrecy, anti-money laundering, and foreign assets control.
The C&D also will require North Dade to ensure staff and officials are adequately trained on all bank secrecy, anti-money laundering, and foreign assets control applicable laws and regulations and develop a system of internal controls to ensure ongoing compliance with all applicable bank secrecy, anti-money laundering, and foreign assets control laws and regulations.
