CU*BASE Trackers as Audit Tool

Compliance, BSA, Auditors, OFAC, FINCEN, Reporting, Due Diligence, Regulations, SARs, Requirements, CTRs, Red Flags, Examinations . . . Stop!

If one of these words doesn't push your hot buttons, you're not running with the crowd. Compliance is not a spec on the horizon, it's a spotlight on your credit union. Perpetually on the radar, compliance fuels countless conversations, is chronicled in the news, and is a primary topic of current webinars, blogs, and podcasts. It's one hot topic that is not going away. In fact, the heat is rising!

CU*BASE is the premier solution for identifying, monitoring, documenting, and storing information about any accounts to satisfy the inquiries of your auditors.

Where will you find evidence that a membership record processed through the OFAC scan?

Auditors look for proof. If regulation says your members must pass the OFAC scan, the counterpart is the proof. CU*BASE flags your members everytime you run the OFAC scan. It's sophisticated enough to sort out the 'no match' from the 'suspect match' so you know if further action is required.

Once identified as High Risk, where can you follow those accounts?

Due Diligence is the act of qualifying members as High Risk based on a specified set of criteria. Create trackers and use follow-up dates to assure these accounts are monitored on a regular basis. You can you accomplish this task from the point of inception. Define an Employee Account Code, then run the insider report monthly.

Employee Audits are simplified through this menu option. Where will you find it?

You will use more than one source to complete the employee account audit. One option on the CU*BASE menu, MNAUDT provides easy access to information you can use to review activity within employee accounts, performed by your employees. Through this one option, you can review reports from File Maintenance, Teller Audit Keys, Account Status, and Transaction Activity.

Transactions on the BSA Activity Report automatically create trackers. What are your next steps?

Each entry printed on the BSA Activity Report will have an associated tracker. As transactions are investigated, details may come from multiple places. To fully document the disposition, use Audit Tracker. Next time your auditors visit, they will see the full cycle of events and conversations; both system generated and those created by your staff.

Dormant accounts are prime territory for suspicious transactions. Where do you start the review process?

CU*BASE sets an account to dormant status and automatically creates a tracker. Trackers are also generated when a transaction is processed against the account and when an employee deletes the suspended status. Using trackers, your staff can fully document the activity within dormant accounts. System generated and manually created trackers together form a permanent record attached to the account.

CU*BASE and Audit Link are your partners in the process.

Using CU*BASE as the compliance tool, Audit Link has developed a working model through which regulations and compliance issues are resolved and documented.