The FFIEC and CFPB are urging credit unions to identify and monitor high-risk activity, but evidencing that it is being performed is even more critical. This booklet describes how to configure the abnormal activity monitoring tool to identify transactions outside the range of what is considered normal. It also describes how to incorporate the use of other CU*BASE features such as the Member Tracker System and Due Diligence Codes to document and evidence the review of suspicious activity, all within the system.
Inside, you will find the following:
How to configure abnormal activity settings
Suggestions on how to determine accurate transaction ranges
Tips on how to conduct account reviews
Documentation best practices
Who Should Read This Booklet?
This booklet was written for the BSA compliance practitioner, from a practitioner’s perspective. Specifically, it is useful for the BSA Compliance Officer or designated personnel as a guide for configurating and monitoring the Member Groups option within the abnormal activity monitoring toolset. Your credit union needs a process for performing this monitoring. This booklet was designed to help you meet that need.