NCUA has organized a webinar aimed at helping the industry navigate international funds transfers.
The webinar, entitled "Remittances and Other Money Transfer Services," will take place June 17. The event will be hosted by Vanessa Lowe, an economic development specialist with NCUA's Office of Small Credit Union Initiatives, and features a panel of remittance experts.
The panel includes David Grace, managing partner of Dave Grace and Associates; chief executive of District Government Employees Federal Credit Union Carla Decker; Daniel O'Malley, a senior advisor with Viamericas; and Roger Nettie, a senior consultant in risk management at CUNA Mutual.
During the 90-minute webinar, the panel will discuss issues related to choosing remittance partners, where remittances go and how important remittances are to immigrants. The webinar will also cover regulatory concerns, including how to serve consumers' remittance needs while keeping in compliance with the Bank Secrecy Act.
The webinar comes at a time when credit unions have fallen under intense scrutiny for their handling of remittances in light of anti-money laundering concerns.
Fifty credit unions were cited in a February report from the Treasury Department’s Financial Crimes Enforcement Network that was obtained by The Wall Street Journal. The report cited their high exposure to money-services firms. Furthermore, NCUA issued a warning to credit unions about the risks in serving these businesses last December following the imposition of a $300,000 fine against South Florida's North Dade Community Development Federal Credit Union for its failure to meet reporting and record-keeping requirements under the BSA.