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Money Laundering

Two high-profile incidents remind CUs of the importance of BSA & OFAC compliance.

By Valerie Moss
October 01, 2012
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KEYWORDS transactions settlement ofac laundering
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CUs’ regulatory compliance costs are staggering, but the costs of noncompliance are even higher.
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You make a good point, Wally. I should have caught that one. I'll take that out tidbit.

According to the article, "Bankrate.com examined 56 high-yield checking accounts...and found the average annual percentage yield (APY) to be 1.64%—nearly 33% higher than the average interest-bearing checking account (0.05%)." By a show of hands, who thinks a 1.64% APY is only roughly 33% higher than a 0.05% APY? Hmmm...

Steve, As always, the E-Scan provides key strategic insights for credit unions to consider. When it comes to reaching Generation Y (trend number 10), one of the best things credit unions can do is to target mom and dad. Research indicates that most young people start their first "bank" experience where their parents recommend. So to reach Gen. Y, go after mom and dad. Mark

Ed, this is correct: 100% is a 1-to-1 relationship, not 1%, which is a 1 to 100 relationship.

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