May 11, 2017
In This Issue
Quick Links
ComplySight: FREE Recorded Webinars
Upcoming Educational Events

June 7th

For a complete listing of educational opportunities available from LCUL and to register, visit the League website and click on "Education"
Compliance Toolkit
The BSA Officer's Toolkit contains tools to help manage your institution's BSA/AML program. It is designed to help you revamp and revitalize your BSA program before the examiners arrive.

Toolkit is provided by GetTechnical Inc. 

New ComplySight Enhancements- Factor Grading System and Factor Grade Report! 

This short video will walk you through the recent enhancements to the Factor Grading Screen to provide a more intuitive and clear distinction between the current grade and a previous grade. We also walk through the Factor Grade Report which now allows users to filter by Area and/or Item, as well as showing Factors that are not yet graded. If you have any questions, please feel free to contact .
ComplySight Training is Available!
Not sure how to get started, or want a refresher on how to use ComplySight? Or are you interested in seeing more of how ComplySight works?  We are excited to make available recorded webinars to help you get the most out of ComplySight! We currently have seven training modules available!  The ComplySight training webinars are available at any time, and registration is not required. Click here to start training today !
ComplySight: 30 Day Free Trial!
If you're interested in a "trial run" of ComplySight, League InfoSight is offering a free, 30-day trial so you can see the benefits first-hand. It's easy to get started.   Just visit us online and click on Free Trial Offer . Don't forget to use promo code: FREETRIAL810. 
InfoSight Highlight: Record Retention 

What are the management's and the board of directors' roles for a record retention program?

Management and the board of directors must establish written policies and procedures for the development and maintenance of a record retention program. The documentation provides proof that credit unions are in compliance with the laws and rules regulating record retention, and the maintenance enables credit unions to adapt to changed circumstances and new technological advances.

In developing a vital records preservation program, the board of directors written policies must include the following:
  • Specific guidelines and a schedule for the retention/destruction of records 
  • Classification of records (from inconsequential to vital) 
  • A schedule for the storage and destruction of records; and 
  • A records preservation log detailing for each record stored, its name, storage location, storage date, and name of the person sending the record for storage.
It is recommended that credit unions include in these procedures a method for using duplicate records to restore vital member services in the event of a catastrophic act. Credit unions which have some or all of their records maintained by an off-site data processor are considered to be in compliance for storage if the service agreement specifies the data processor safeguards against the simultaneous destruction of production and back-up information.

NCUA launches Small Credit Union Learning Management Service  

Credit union boards, staff and volunteers can connect more easily to essential training specific to their needs with a new portal provided by the National Credit Union Administration's Office of Small Credit Union Initiatives.

Source: NCUA
Q&A: Beneficial Owner Certification Form 
Question: Regarding the Beneficial Owner Certification Form going into effect next year, as required by the FFIEC's Customer Due Diligence rule, who has to fill it out, and what information is needed?
Answer:  Under the new CDD rule, effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.  One way to accomplish this is by using the new Beneficial Owner Certification Form, contained in Appendix A.   The person opening the new account (on or after May 11, 2018) on behalf of a legal entity must complete this form.  A natural person must be authorized to open the account, rather than the entity itself.
Legal entities include:
  • Corporations;
  • Limited Liability Companies;
  • Other entities created by filing a public document with a Secretary of State or similar office; and
  • General partnerships or any similar business entities formed in the U.S. or a foreign country.
This requirement won't apply to sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.
The form requires the person opening the account to provide their name and title, as well as the name, address, date of birth, and identification number for each of the entity's "beneficial owners." 
Credit unions may also use their own forms, as long as they meet the requirements in the CDD rule.  They also may obtain the information by any other means - provided the person opening the account and providing the information certifies its accuracy.
Source:  Credit Union Magazine/CUNA
Compliance Calendar

July 2017

September, 2017

October, 2017

January, 2018