North Bay Credit Union’s Chief Compliance Officer, Carole McCormick, has achieved Certified Anti-Money Laundering Specialist (CAMS) accreditation, according to CEO Chris Call.
“Understanding and detecting when money laundering occurs requires special insights and knowledge, and Carole’s certification shows a serious commitment to protect our credit union,” Call said.
The U.S. Department of the Treasury estimates that domestic financial crime generates approximately $300 billion of proceeds for potential money laundering. These funds can result from illegal drug sales, human trafficking and fraud among other criminal activity.
The rigorous training courses, testing and certification process is through the Association of Certified Anti-Money Laundering Specialists, an international organization dedicated to developing experts in preventing and detecting financial crimes.
“As these crimes become more sophisticated, it’s vital that we be vigilant and have people on our team with the expertise to spot laundering activities and protect the credit union’s member/owners,” Call said. In addition to McCormick, Rebecca Marlar, North Bay Credit Union’s Compliance Specialist, also has previously achieved this certification.
North Bay Credit Union has assets of $60 million and serves more than 2,500 members with four branches. Anyone who lives or works in the North Bay can join at www.NorthBayCU.com.