CU*BASE to Add FinCEN Scans

CU*Answers, the CUSO that provides the enterprise core data processing system CU*BASE, is planning to add a new on-demand program that runs a credit union’s membership, closed membership, and non-member files against a file downloaded from FinCEN to comply with 314(a) requests.

Similar to the OFAC scans being done, results will be recorded for members in the individual’s Audit Tracker record.  According to the CUSO, since the FinCEN list is available only to credit unions and not the data processor itself, the plan is to provide a mechanism for credit unions to upload the file using a designated file name and location, then run a CU*BASE menu option that will scan records against that file, producing a report.

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