When small credit unions take on big BSA responsibilities

first_imgby: Henry MeierIf you were sitting around the Thanksgiving table struggling to come up with things to be thankful for, then here’s one for you, after the fact:  be thankful you are not associated with the North Dade Community Development Federal Credit Union located in Miami, Florida.The Tuesday before Thanksgiving the $4 million credit union was slapped with a $300,000 fine for significant Bank Secrecy Act (BSA) violations.  According to FinCEN, from 2009-2014, the credit union had significant deficiencies in all aspects of its anti-money laundering (AML) program, even as it processed close to $2 billion in transactions for money service businesses (MSB).  FinCEN’s fine follows a 2013 Cease and Desist order issued against the credit union by NCUA.If this were simply the story of one rogue credit union that let the income it was generating from MSBs blind it to its regulatory obligations, the story wouldn’t be worth a second look.  But that’s not all that is going on here.  Most importantly, regulators are increasingly concerned about credit unions that work with MSBs within their fields of membership. For instance, in January of this year, the NCUA listed oversight of credit union MSB relationships as one of its top regulatory priorities.  In addition, a BSA Webinar hosted by the Office of Small Credit Union Initiatives emphasized the enhanced obligations that credit unions have when their membership includes MSBs.  More generally, since 2005, regulators have stressed that when any financial institution provides services to an MSB, it takes on additional due diligence obligations. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Emiliano Martinez demands massive Arsenal pay-off as he’s left out of squad vs Fulham

first_imgMartinez is Arsenal’s longest-serving player, having joined in 2010 (Picture: Getty)The shot-stopper’s agent, Lucas Martinez Quarta, confirmed his desire to leave to TyC Sports, saying: ‘The most likely scenario is that Emi Martinez leaves Arsenal because he wants to play.‘He dreams of being the starting goalkeeper for the national team and he is willing to leave his home [at Arsenal] for the worthy cause of being Argentina’s number one.’MORE: Emiliano Martinez’s agent explains why the Arsenal star is looking to leaveMORE: Arsenal make improved verbal offer for Odsonne Edouard as Alexandre Lacazette seeks moveFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Metro Sport ReporterSaturday 12 Sep 2020 1:00 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link8.5kShares Martinez helped Arsenal win the FA Cup and Community Shield (Picture: Getty Images)Although Arteta had tried to play down talk of Martinez leaving before facing Fulham, even suggesting he was in contention to play, the 28-year-old did not make the matchday squad on Saturday or even travel to Craven Cottage.AdvertisementAdvertisementADVERTISEMENTMartinez is believed to have already agreed personal terms with Villa, though Dean Smith’s side need to up their offer to get closer to Arsenal’s £20m valuation.Asked about Martinez’s absence, Arteta told BT Sport shortly before the game: ‘We have a special situation in goal. The transfer market is open. We know rumours. We made the decision to play Bernd today.’Now The Athletic report there is another twist in the sage, with Martinez believing he is owned a seven-figure bonus by the club.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalThe Argentine only has two years left on his current Arsenal contract with the club postponing a renewal on several occasions.Martinez and his representatives say the club committed to retroactively paying him a bonus once he signed a new deal and wants Arsenal to uphold that agreement even if he leaves to join Villa. The Argentine is on the verge of leaving the Emirates after a decade at the club (Picture: Getty)Emiliano Martinez has moved a step closer to leaving Arsenal after being left out of the matchday squad that takes on Fulham, while he is at odds with the club over a massive bonus he believes he is owed.The Argentine shot-stopper gave a string of superb displays after the restart last season but Mikel Arteta has opted to restore Bernd Leno as his number one after the German recovered from injury.With Martinez not given any assurances over his playing time, he has sought a move away from the club so he can get regular minutes, with Aston Villa having lodged a £15million bid. Commentcenter_img Advertisement Emiliano Martinez demands massive Arsenal pay-off as he’s left out of squad vs Fulham Advertisementlast_img read more