SECTION 91.208. Notice of Known or Suspected Criminal Violations

(a) Each credit union shall exercise reasonable due diligence to discover, investigate, and report theft, embezzlement, and other types of criminal activity affecting the credit union. The credit union shall provide written notice to the Department within 30 calendar days for any of the following known or suspected criminal violations:

(1) Insider abuse involving any amount,

(2) Other transactions, including potential money laundering or violations of the Bank Secrecy Act, aggregating $5,000 or more,

(3) Losses resulting from robbery or burglary.

(b) When applicable, a credit union may meet the reporting requirements of this section by providing the Department a copy of a Suspicious Activity Report prepared in accordance with the NCUA Rules and Regulations 12 C.F.R. §748.1(c). The timeframe for reporting the activity to the Department in this manner may be extended up to 60 days when authorized by the regulation.

Source Note: The provisions of this §91.208 adopted to be effective July 12, 2009, 34 TexReg 4511