RELEASE DATE: AUGUSt 9, 2021
DURATION: 80 MINUTES
Employees involved in lending are often privy to more information about members than other areas of the credit union. Applicants turn over information about income, expenses and assets in exchange for an opportunity for a loan. Sometimes this information can lead to discovery that the applicant’s information just doesn’t add up. Their tax returns or W-2 don’t support their mode of living perhaps indicating a source of income the applicant declines to comment on; or their stated assets far outpace their income potential. Sometimes there are indications of potential fraud or identity theft during or shortly after the application process. Sharp minded employees are vital in preventing the credit union from making a bad loan, or a loan where repayment is in jeopardy because of underlying illicit activity. This session is specifically geared towards employees involved in the lending process from application to collections. In this session we will explore:
- Ways loans are used to launder money
- Red flags for identity theft, money laundering and terrorist financing
- The applicability of the credit union’s Member Identification Program and due diligence within the lending department
- High risk businesses and activities that may increase the credit union’s BSA risk and require additional attention
- Activities reportable on a Suspicious Activity Report
- And a general overview of the credit union’s BSA responsibility as a whole
Looking for more BSA training?
- Click here to learn about training on Bank Secrecy Act (BSA) Compliance for Frontline Staff
- Click here to learn about training on Bank Secrecy Act (BSA) Compliance for BSA Officers
- Click here to learn about training on Bank Secrecy Act (BSA) Compliance for Volunteers
MEET THE PRESENTER
Mary-Lou Heighes started her financial institution-related career in 1989, working in the areas of lending, marketing, collections, and a LOT of “other duties as assigned” in many areas of operations. After 5 years she transitioned to a compliance role at a state trade association providing answers on the compliance hotline, writing articles on changing regulations and providing assistance to state and federal governmental affairs departments regarding proposed laws and regulations affecting financial institution operations.
In 2000 she founded Compliance Plus, Inc. to provide more direct assistance to financial institutions struggling with day-to-day compliance challenges. In this capacity she uses her 25 years’ compliance knowledge to provide phone and e-mail support to retainer clients, in-house consulting and training, and website and marketing compliance reviews. She also speaks around the country on compliance issues for various state trade associations, at industry conferences, and of course webinars.