FORT LAUDERDALE, Fla. – A sex slave survivor will address credit unions here today as part of an effort to demonstrate that BSA compliance is about more than numbers, and that human suffering is often hidden behind what those numbers represent.
Approximately 300 people are expected here as part of the NASCUS/CUNA BSA Conference, which runs through Wednesday.
“Compliance with BSA is one of the most daunting, and vital, challenges facing credit unions today,” said NASCUS President and CEO Lucy Ito. “State regulators are well aware of the need for credit unions to keep up with changes necessary for compliance, and sponsor this program and others to help credit unions successfully confront the challenges.”
Addressing a general session with remarks themed “Memoirs of A Sex Slave Survivor,” Timea Nagy, a survivor of human trafficking, will provide a new perspective about how BSA detection efforts can play a key role in curbing and preventing terrorist financing and human trafficking – and “inspire rank and file credit union and other financial institution staff members to greater diligence in their detection efforts,” according to NASCUS.
Other key general session segments include: Warning signs of human trafficking; Bitcoin and its implications; risks inherent in growing use by Millennials and others of alternate payment methods (including mobile devices and prepaid cards); issues in serving “money service businesses;” legal obstacles in providing financial services for marijuana businesses (featuring the CEO and legal counsel for Fourth Corner Credit Union of Denver, a credit union chartered to serve marijuana businesses); the cyber black market, detailing how cyber criminals developed and sold malicious cyber software by evading BSA regulations – by design.