CU*Answers continues to assist credit unions in completing due diligence to meet the guidelines of BSA, primarily associated with Anti-Money Laundering (AML). The CUSO providing the core data processing system CU*BASE, has completed Phase 1 of its Enhanced Due Diligence (EDD) project and is moving to Phase 2.
Phase 1 of this project added a new 1-byte flag to membership records so that a credit union can manually flag a member for special monitoring based on the results of internal due diligence efforts, as well as a change to the existing Insider/Employee Activity Auditing report so that activity can be monitored for all flagged members. This project was completed and implemented with the CU*BASE 9.0 Release.
Phase 2: Adapting the Member Survey for Due Diligence Tracking, will most likely be a series of 2 or 3 projects that will completely revamp the Member Survey Feature to allow for survey forms to be configured and presented to members, with built-in scoring capabilities that automatically set the member’s DD flag to the appropriate monitoring level defined by the credit union. It will also include a reorganization of New Member Workflow Controls to be set up according to Membership Designation, allowing for different workflows for different types of memberships (rather than by branch), including presenting a configured Due Diligence survey at the time of account opening.
The second phase of this project is still in the design phase. More information can be found at http://www.cuanswers.com/kitchen/#EDD.