The Audit Link service consists of three interrelated business activities. The first is an overall analysis of the credit unions needs, hot buttons, and recent audit or examination findings. This analysis is designed not only to tailor the program for the credit union but also to facilitate an overall general compliance tune-up. The second area of this initiative is the development of a daily, monthly, and quarterly roadmap of tasks to be completed. This is where the credit union would see the  More...

When one of these options are selected, only those transaction types will appear in the results dashboard. You may select only one of these checkboxes (e.g., you may not select to include only shared branch transactions and only RDC transactions). When one of these options is selected, you cannot also select specific origin codes to monitor. Shared Branch Transactions : The pattern will monitor only shared branch transactions. RDC Transactions : The pattern will monitor only RDC transactions. P2  More...

To determine if you have a valid OFAC match, follow the ‘due diligence’ steps on the Department of Treasury website at http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx

The following types of transaction patterns can be created: Velocity : This evaluates if the member has an unusual amount of transactions that fall within the criteria configured. Idle : This evaluates if the member has an unusual flurry of activity (either based on # of transactions, transaction type, or transaction amount) following a period of inactivity. Out of the ordinary : This evaluates if the member has a percent or amount increase compared to a prior activity.

To configure abnormal activity monitoring patterns or groups via Tool #101 Abnormal Activity Monitoring Config , you will first need to determine your credit union's thresholds for normal and abnormal activity. You may start from scratch or base patterns on previous cases of fraud. Basing Patterns on Past Fraud You can reverse engineer patterns based on fraud you’ve experienced in the past. Configure the pattern to monitor the same type of transaction and base the threshold numbers aro  More...

Every Saturday, Operations will automatically run the OFAC scan on both members and non-members.

It is not currently a requirement to have the address line scanned for an IAT. CU*BASE does not currently scan it as it is in a free-form format rather than in a formalized pattern.

You can find Due Diligence materials here: https://www.cuanswers.com/about/due-diligence-materials/

You will find the Using CU*BASE Tools for Bank Secrecy Act Compliance on the On Demand website. See the link below.

It is recommended that you make the same rules for both individual and organizational accounts when you make velocity patterns, out of the ordinary patterns, and idle patterns.

Every OFAC scan that is overridden has a specific Tracker memo type that is generated when the override occurs. This memo type is OO (letters, not zeroes) and is configured to appear in the audit tracker. Use Tool #664 Print Member Trackers to generate a report containing the data you are looking for. Ensure that the tracker type is set to AT and the memo type is set to OO.

It is not recommended that you include both an amount and a percent in out-of-the-ordinary patterns since they are AND qualifiers. It would be rare for a member to match both criteria at the same time.

Performed on a daily basis, Audit Link uses the CU*BASE Dashboard for Negative Balance Analysis to retrieve negative balance data. A daily report summary is provided to your team illustrating negative balance accounts separated as 15-day buckets to assist in quickly identifying possible fraudulent activity and areas that may require immediate action. Also included with the daily report summary are graphical representations and delinquency ratios to assist in identifying key trends affecting your  More...

It is recommended that you monitor a smaller set of transactions when creating transaction patterns.

These patterns are provided by AudlitLink. They recommend you follow proper governance change process when making changes to these patterns.

It is recommended that you use this qualifier to limit the number of false positives you receive in your results.

Your credit union can opt to release funds differently for amounts above a certain dollar amount threshold (such as $5,000), on a single deposit. This affects how all deposit holds are placed, no matter how other channel-specific settings (teller, mail/direct, Remote Deposit Capture (RDC), and ATM) are configured. One place this will not be used is with National Shared Branch (COOP) transactions. For example, if a member deposits a $17,500 check, the system could be instructed to hold the first   More...

Audit Link has many ways to learn about Abnormal Activity Monitoring Tools. Follow the links below.

You are referring to this announcement released by FinCEN in May. We currently have a project sheet (#45201) to comply with these required changes. NOTE: The deadlines refer to when FinCEN will begin being able to receive the new data, not the date when the new data must be sent. We continue to track this project with FinCEN and will alert clients when changes have been made that will affect their day-to-day activities.

The team at AuditLink performs daily monitoring activities on behalf of credit unions to assist in the fulfillment of Bank Secrecy Act (BSA) compliance requirements. The same procedure guide their team uses to do this work is now available to credit unions. Click the link below to order the free Daily and Weekly Procedures guide from AuditLink.

This is what FinCEN has stated in the past about weak aliases: Am I required to screen for weak aliases (AKAs)? OFAC’s regulations do not explicitly require any specific screening regime. Financial institutions and others must make screening choices based on their circumstances and compliance approach. As a general matter, though, OFAC does not expect that persons will screen for weak AKAs, but expects that such AKAs may be used to help determine whether a 'hit' arising fro  More...

The configuration ( Tool #101: Abnormal Activity Monitoring Config ) allows you to run a test of a transaction pattern that you have configured. In this manner, you can see the results without running all the patterns in the monitoring side ( Tool #537: Monitor Abnormal Transaction Activity ). In this test mode, you have a limited number of buttons, but you can print the results. AuditLink is currently offering monthly webinars about the Abnormal Activity Tool. Watch for future communications.

Check out the CU*Answers store for assistance in preparing for your BSA audit. See the related links below to learn more.

We recommend you use the Due Diligence Codes feature. These are configurable codes (Tool #247 Configure Due Diligence Codes) you can place onto any membership, and when you use features such as the Abnormal Activity Monitoring tool, you can segment members based on what due diligence code you have assigned. Learn more from the links below.

There are two recommended resources to review, the webinar, Employee Security from a Practitioner's Standpoint and the booklet, Employee Security Audit . Click the links below to watch the video and to order a copy of the booklet. Both resources are provided free of charge from AuditLink.