I recently had the pleasure of attending some conferences where both state and national speakers presented on trends in financial crimes. At one of the conferences, the presenter asked who in the audience was using (what I thought were) some well-known online & local resources – and then no one raised their hand.
In the credit union spirit of “people helping people,” I thought I’d pass along this valuable info, so you will be able to raise your hand if you are asked the same question.
- FinCEN Advisories & Bulletins – As part of its mission to safeguard the financial system, FinCEN issues advisories concerning money laundering or terrorist financing threats and vulnerabilities to help your institution guard against these threats. You can sign up to get an email notice once a new advisory or bulletin is issued.
- DEA/HIDTA – The U.S. Drug Enforcement Administration (DEA) has a High Intensity Drug Trafficking Area (HIDTA) program, which identifies geographical areas across the country known for a high volume of drug trafficking and production. Take a look at the map on their website – even if you are a smaller town or county you may be on this list; it is not just larger cities. If your credit union is located in a HIDTA, you should make sure to update your BSA risk assessment and have mitigating controls in place to limit your geographic risk. In addition, you can contact someone from the HIDTA program to have them talk at your credit union to educate your staff about red flags.
- U.S. District Attorney’s Office – Click on the map on this website to find your district, and then sign up for their newsletters to gain insight into Federal or national issues.
- State Attorney General – This is a great resource for consumer tips & information, financial crime alerts, and victim assistance. Typically, state attorney general websites will have a newsletter that you can sign up for to get these alerts straight to your inbox.
- Local Law Enforcement – Contact your local police department – they are a great resource for your credit union. It is incredibly helpful for you to network and develop personal relationships with your local law enforcement. When criminal activity happens at your credit union – and it will – you will have someone that you know on a first name basis on speed dial. In addition, many police officers and detectives will offer training to your staff, or host local meetings to discuss fraud and financial crime.
These are just some examples of resources to help educate your staff and prevent criminal activity from happening at your credit union. If there are any that I’ve missed, please send them my way – email@example.com.