CU*Answers Assists CUs in Enhanced Due Diligence

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

Download Press Release