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CUs give Verafin high marks for BSA compliance

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MADISON, Wis. (9/2/09)--Roughly 90% of Verafin’s credit union clients would recommend the CUNA Strategic Service provider’s anti-money laundering (AML) and fraud detection solutions to other credit unions, according to a survey. Verafin, which offers credit unions AML, Bank Secrecy Act (BSA) and fraud detection programs, recently conducted a satisfaction survey of 178 clients. Credit unions said they were “very likely” or “likely” to recommend Verafin. Credit unions cited Verafin’s functionality, interface with core systems, customer service and support as top reasons. Credit unions also said Verafin’s support staff and trainers are easy to understand, and Verafin’s solutions are user-friendly. “BSA account monitoring was not really possible under our old system,” said Judith Murdoch, associate vice president of compliance and security at University of Illinois Employees CU, Champaign, Ill. “We were building reports and spreadsheets to try and see what our members were doing, but we had no way to do so efficiently. Verafin allows us to see the complete picture for each member and allows us to keep our eye on those members who reveal inconsistencies.” University of Illinois Employees CU has $197 million in assets.

Supervisory CommitteeAudit Conference addresses hot topics

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MADISON, Wis. (9/2/09)--The CUNA Supervisory Committee and Internal Audit Conference, scheduled for Dec. 6-9 in Las Vegas, will cover hot topics including mortgage market fraud, compliance issues and identity theft, says the Credit Union National Association (CUNA). At the conference, E. Michael Thomas, executive in charge of Crowe Horwath LLP, will present “Mortgage Market Fraud and Its New Face in Light of the Current Economic Conditions.” He will discuss mortgage loan fraud statistics, loan document misrepresentation and mortgage-loan fraud schemes. Crowe Horwath is an accounting and management consulting firm. Eileen Iles, certified public accountant (CPA) with Crowe Horwath, will host a red flags workshop to explain how credit unions can handle the complications of identity theft prevention programs, red flag rules and the Fair and Accurate Credit Transactions Act. Credit union representatives also can attend sessions focusing on data protection and compliance. Torpey White, CPA, will present “Is Data Leaking Out of Your Organization?” Woody Hodgdon, a credit union compliance expert, will discuss compliance problems in “Current Compliance Issues: A Rundown of the Highest Priority Compliance Issues of the Year.” A pre-conference workshop Dec. 5-6 will focus on the fundamentals of being a supervisory committee team member. For more information, use the link.