A Calm in the Compliance Storm

 As credit unions plan for the year ahead, there is certainly no shortage of compliance issues to deal with.  There have been over 170 new regulations since 2008, making it no surprise that the 2013-14 CUNA Environmental Scan puts the compliance burden in the top ten of strategic planning topics for 2014.

While compliance challenges may be universal, the solutions credit unions choose to tackle them are not.  That’s why Synergent offers a variety of ways to help credit unions meet their compliance needs.  One solution is through a partnership with Verafin, a leading provider of compliance, anti-money laundering (AML) and fraud detection software.

Like Synergent, Verafin brings added value through its data center service. Verafin is now servicing more than 300 financial institutions from its data center.  This provides a much improved ability to service your credit union with help desk assistance, as Verafin can see and work with your data directly.  Additionally it eliminates the scheduling and outages during business hours for upgrades and scheduled maintenance. 

In addition to this partnership, Synergent has also developed customized BSA Reports. These solutions increase efficiency in this important and time consuming task. These reports include Find Excess Cash Reports, Red Flag Compliance Reports, and OFAC Reports.  In addition to being cost effective, these reports can be tailored to your specific needs and reduce the time required to insure your credit union is in compliance. 

You can read more about how to incorporate important topics into your strategic planning, including a free resource to help you do so, in this blog post from last month.