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NCUA Orders Seven-Year Look-Back Of NJ Credit Union’s Clients
By Brian Monroe
printA tiny Dover, New Jersey, credit union must improve nearly every aspect of its anti-money laundering compliance program and undertake a potentially expensive look-back of the identities of its member base for the past seven years, according to a National Credit Union Administration order released Tuesday. The eight-page cease and desist order focused mostly on how Spanish American Federal Credit Union, with 4,000 members and $14 million in assets, administered its Customer Identification Programs (CIP). The credit union serves a Catholic church and an organization that aids area Hispanics. The order faults the credit union for struggling with ranking the...
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