(Published July 21, 2017) In the July/August issue of The NAFCU Journal, Wolters Kluwer Financial Crimes Expert Todd Maguire provides guidance on the importance of credit unions staying compliant with the Bank Secrecy Act. In the article, Maguire illustrates the vulnerabilities smaller businesses can face when maintaining BSA compliance.
(Published July 19, 2017) On June 30, 2017 the Internal Revenue Service released Chief Counsel Memo 2017-18 addressing the rollover of individual retirement account (IRA) distributions made to an IRA owner from a failed financial institution. The Memo indicates that a distribution made from a failed financial institution by the FDIC as receiver is generally disregarded for purposes of applying the one-per year rollover rule.