CU*BASE Offers FinCEN Scans

Grand Rapids, MI – July 6th, 2011
CU*Answers announced that as part of its recent CU*BASE 11.2 Release, available since June 12, CU*BASE incorporates several enhancements pertaining to FinCEN.

CU*Answers says that per this newest Release, when auditors run the manual FinCEN 314(a) scan, they will now see fewer suspects on the resulting report, based upon new member match criteria. An individual scan will now require an absolute match of First Name, Last Name and Birth date (all three) to determine whether results are reported on the FinCEN report – as well as to decide whether other FinCEN fields are scanned. Previously, only a Last Name match was required, so the tightening of these requirements will significantly minimize the number of “hits” on the report.

CU*Answers stated the individual scan process will also scan for Alias First Name, Alias Last Name and Birth date combinations. Additionally, internal auditors will have more tools for determining whether the remaining report entries are false positives, as this newest report now also lists fields where there was not a match, and will be marked according with an asterisk. Finally, CU*Answers said it changed scan attributes to be case insensitive, ensuring matches will be found, regardless of whether data comes through in upper or lower case lettering.