The National Credit Union Administration (NCUA) Office of Inspector General (OIG) conducted this self-initiated audit to assess the NCUA’s Bank Secrecy Act (BSA) program. The objectives of our audit included determining whether the NCUA: (1) adequately reviewed compliance with the Bank Secrecy Act during credit union safety and soundness examinations, (2)issued timely formal or informal enforcement actions to address Bank Secrecy Act-related violations, (3) tailored enforcement actions to address deficiencies identified during the supervisory process, (4) followed up on reported Bank Secrecy Act violations to ensure credit unions take appropriate corrective action before closure of the violation, and (5) appropriately referred significant Bank Secrecy Act violations and deficiencies to the Financial Crimes Enforcement Network, a bureau within the United States Department of the Treasury.
Report File
Date Issued
Submitting OIG
National Credit Union Administration OIG
Other Participating OIGs
National Credit Union Administration OIG
Agencies Reviewed/Investigated
National Credit Union Administration
Report Number
OIG-24-06
Report Description
Report Type
Audit
Agency Wide
Yes
Number of Recommendations
4
Questioned Costs
$0
Funds for Better Use
$0
Additional Details
Open Recommendations
This report has 1 open recommendations.
| Recommendation Number | Significant Recommendation | Recommended Questioned Costs | Recommended Funds for Better Use | Additional Details | |
|---|---|---|---|---|---|
| 4.OIG-24-06 | No | $0 | $0 | ||
| Revise the content of the NCUA’s Enforcement Manual to include current policies, procedures, and responsibilities for the NCUA’s formal enforcement actions and ensure its content is consistent with other agency policies. Regularly review this guidance for continued relevance and effectiveness in achieving the agency’s objectives. | |||||
