NCUA Issues C&D Order for BSA Violations At $20M CU

ALEXANDRIA, Va. - In a rare move, NCUA last week issued a cease and desist order against Dover N.J. Spanish-American FCU directing the $20- million to correct broad violations of the Bank Secrecy Act, the anti-money laundering law.

Among the requirements under the C&D, agreed to by the credit union's board and management, are the hiring of specialists in BSA 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, 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 CU since January 1, 2000.

Dover N.J. Spanish American FCU was originally chartered in 1970 to serve members of Our Lady Queen of the Most Holy Rosary Catholic Church and The Morris County Organization for Hispanic Affairs in Dover, N.J. The credit union continues serving approximately 4,000 members.