AuditLink Top Ten

top_tenFollowing is the list of suggested projects—referred to as AuditLink’s Top Ten ­which have made it to my radar and are currently being discussed here at CU*Answers.  You’ll notice a few that are well along in development and nearing implementation, while others are still in the early stages of design.  And some of these suggestions could remain on the drawing board indefinitely until they are championed by a client.

Our continuing mantra is to design system features that create a least-cost process in the credit union and meet the minimum requirements imposed by regulators and third party auditors.  Some of the best ideas just need credit unions to share best practices and existing methodologies to accomplish the task and do not even require software enhancements.

This list is posted below so you can comment on the suggestion, make recommendations, and participate in an online dialogue.  This method is a valuable tool for gathering opinion, both pro and con, and this forum has been effective at helping us collect commentary that can be used not only to communicate CU*Answers’ stance but also to share best practices throughout the entire community.

It will take the persistence of clients who have reviewed this list, commented on the items, and participated in communications through focus groups or online dialogue to cause these projects to either morph into something real…or die for lack of a champion.

Jim Vilker, NCCO, CAMS
Marsha Sapino, AAP, BSACS

Updated
February 2, 2017

1. BSA Enhancement: Joint Owner Activity

Activity – Member avoids currency transaction monitoring by depositing cash into multiple accounts, some on which the member is the primary account holder and others as only a joint owner.

Solution – Enhance the BSA monitoring feature to enable account tracking on every account connected to the Social Security number of every member, regardless of classification: Primary Owner or Joint Owner.

StatusIn Process: Project sheet #41968 is to be assigned to a programmer and is waiting for resources.

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One Response to “1. BSA Enhancement: Joint Owner Activity”

  1. Vanessa Alonso-Gonzalez

    This is great! I’m wondering if the BSA monitoring will include OFAC trackers on joint’s as well as risk assessments?

    Reply

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2. BSA/SAR Activity Report Enhancements

This project adds report automation to the BSA/SAR Activity Report (“Print BSA/SAR Activity Report on the Auditing Functions 1 menu MNAUDT).  This report will be a prototype for a new technique for specifying date ranges on reports, in order to better accommodate report automation (Retrieve Settings/Save Settings and the Report Scheduler functionality).  This will allow credit unions to run a snapshot BSA report every month, so that at the end of each year they can perform annual audits of their BSA and SAR activity.

Status Project #42938 is currently in development.  No target release date has been set.

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3. Critical Field Monitoring

Activity – Currently credit unions must review the file maintenance logs to determine if the changes made to member accounts were completed correctly and with the proper authority.

Solution – Develop a process where the credit union can choose critical system fields to be displayed separately on the file maintenance log. At the end of the day, populate a screen similar to the one used for BSA daily monitoring where the credit union would work these changes in real time.

Status – Specification is complete and will be submitted as a new project # when 33097 (CUFMNT Expansion) is complete.

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4. Expansion of CUFMNT File Maintenance Table

In order to facilitate the Critical Field Monitoring project, we are creating a new table called CUFMAINT which is an expanded version of the old tried-and-true CUFMNT file maintenance log.  The expanded table will be used by new tools while the old table will continue to work as it does now, so that programs that use it (such as nightly EFT maintenance routines, for example) can work as before.  Once this new file is in place and being maintained, it will be used as the basis for that other project.

Status: Project #33097 is in process.  No target date has been set.

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5. Reg D Monitoring

Activity – Member performs more than six electronic transactions on a non-transactional account which in turn is a violation of Regulation D.

Solution – Enhance the system to give the member a soft warning in online banking that they will violate Regulation D if the transaction is performed.

Status – Project #36555 is in development and tentatively slated for a release during 2017.

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