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Can you summarize 12 CFR 748.1?
SECURITY PROGRAM, SUSPICIOUS TRANSACTIONS, CATASTROPHIC ACTS, CYBER INCIDENTS, AND BANK SECRECY ACT COMPLIANCE > Filing of reports.
Short Summary
This document governs the filing of reports by federally insured credit unions. It requires the president or managing official of each credit union to certify compliance with the requirements annually. The document also outlines the reporting requirements for catastrophic acts and cyber incidents. In the event of a catastrophic act, the credit union must notify the regional director within 5 business days and file a record of the incident. For reportable cyber incidents, the credit union must notify the appropriate NCUA-designated point of contact within 72 hours. Additionally, the document mandates the filing of a Suspicious Activity Report (SAR) if the credit union knows, suspects, or has reason to suspect any crime or suspicious transaction related to money laundering or a violation of the Bank Secrecy Act. The SAR must be filed within specific thresholds of transaction amounts. Failure to comply with the filing requirements may result in civil money penalties or other administrative actions.
Whom does it apply to?
Federally insured credit unions
What does it govern?
Filing of reports
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Civil money penalties or other administrative actions
Jurisdiction
U.S. Federal Government