BSA/CIP/OFAC Compliance Review

The Bank Secrecy Act (BSA) is a combination of various statutes that require credit unions to retain certain records, as well as report certain financial transactions to the Federal Government.

A BSA/CIP/OFAC Compliance Review will assess your credit union’s system of internal controls and procedures, to maintain ongoing compliance in accordance with financial record keeping and reporting requirements of the Bank Secrecy Act, 31 C.F.R. Part 103. This review includes an assessment of compliance with regulatory requirements of a Customer (Member) Identification Program.

The Office of Foreign Assets Control (OFAC) compliance review is designed to assess the credit union’s monitoring of all financial transactions performed by or through the credit union, to detect any transactions involving any entity or person subject to the OFAC laws and regulations.

Auditors providing this service have obtained their BSACS – Bank Secrecy Act Compliance Specialist and Credit Union Compliance Expert (CUCE) designation from CUNA.

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