Formed in 1947, Bank-Fund Staff Federal Credit Union, with more than 53,000 international and domestic members, is using ERASE to detect and report suspicious activity and comply with increasingly stringent government regulations targeting Credit Unions.
"Bank-Fund Staff Federal Credit Union has quickly reaped the benefits we were seeking from the ERASE system. The system is easy to use, flexible, and can be configured easily to meet any new condition,â said Cynthia Ryan, Compliance Officer for Bank-Fund Staff Federal Credit Union. âIt gives us the ability to quickly and accurately identify, investigate, track, and report suspicious activity and this has significantly improved the way we manage and prioritize our daily workload."
âIncreasing regulatory pressure is driving Credit Unions to strengthen their financial crime detection and Anti-Money Laundering (AML) controls and procedures,â said Andrew Davies, Americas General Manager of NetEconomy. âFailing to establish new controls and procedures to detect financial crime can lead to large fines, penalties, and lost member confidence. We are delighted to be able to help protect Bank-Fund and its members from these risks with our ERASE solutions.â
About ERASE for Credit Unions
The ERASE Compliance Manager for Credit Unions is delivered as an ASP solution or as a standalone license, allows users to:
. Rapidly identify different money laundering and fraud activities;
. Identify suspicious activity, such as suspicious wire transfers;
. Generate and file Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs);
. Identify specific risks facing particular business lines;
. Monitor for high-risk members, activities and locations;
. Comply with the BSA, and the USA PATRIOT Act including 314a requests, and perform PEP and OFAC watch-list monitoring.