Numerica’s Karen Weis Appointed to FinCEN BSA Advisory Group

Early this year, the Financial Crimes Enforcement Network (FinCEN) called for nominees to the Bank Secrecy Act Advisory Group(BSAAG). Karen Weis, AVP of Compliance at Spokane-based Numerica Credit Union, raised her hand and has been selected for a three-year term.

Karen Weis has been appointed to the BSA Advisory Group for a three-year term.

Weis’ selection is significant, since her credit union was the first in Washington State to provide financial services to legal marijuana businesses.

“I am extremely honored to be selected to be a part of FinCEN’s Bank Secrecy Act Advisory Group,” said Weis. “Numerica understood the risk to its communities of the cash-only, licensed marijuana industry and chose to become the first financial institution in Washington State to provide deposit accounts to the marijuana industry. As member-owned financial institutions, credit unions are known for being nimble and being able to respond to their community’s needs. Numerica is thrilled to bring that voice to a larger platform.”

The Annunzio-Wylie Anti-Money Laundering Act of 1992 required the Secretary of the Treasury to establish a BSAAG consisting of representatives from federal regulatory and law enforcement agencies, financial institutions, and trade groups with members who are subject to the requirements of the Bank Secrecy Act. Weis is highly regarded as a BSA expert. With more than 20 years of experience in the financial services industry, she has implemented strong BSA programs and is her credit union’s liaison with the Washington Department of Financial Institution (DFI) examiners, and National Credit Union Administration (NCUA) examiners.

“Karen’s service to this advisory group will be so appreciated,” said john Trull, AVP, Regulatory Advocacy for the Northwest Credit Union Association (NWCUA). “It brings the voice of a credit union that is serving the marijuana industry to an advisory group that is responsible for the guidance”



Posted in Advocacy News, Compliance News, Federal, NCUA.