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A Direct Line Blog

The Stormy Daniels Connection

August 1, 2018 7:30 am

By Donya Parrish, VP Risk Management

Did that title get your attention? If you know who Stormy Daniels is, it probably did! She is a porn star who allegedly had an affair with Donald Trump before he was elected president. Where’s the credit union connection? The payment of “hush money” was reported as suspicious activity by the bank involved.

With your required annual training on the Bank Secrecy Act (BSA), you might know why that matters. If not, it is covered in the newly revised BSA for Directors training module. As board members, you should receive a monthly briefing of any SARs that are filed at your credit union. A high level overview of the number and types filed with no names or (potentially) sordid details is sufficient. You can learn more about why the board should be kept apprised of your credit union’s BSA activities in the newly updated webinar.

The 48-minute module is available on-demand in our Director Training Tools page. The session is specifically tailored to board members and includes updates to the BSA that have occurred in the last year along with examples of where some things went wrong for a few financial institutions. You can watch it together at a board meeting or view it individually and, then, discuss it at your next meeting. However you choose, don’t let your annual training requirement slip by with no action.


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