Friday, February 24, 2017

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
Risk Scoring — The Essential Element of BSA/AML Compliance

PATRIOT OFFICER automatically calculates risk scores for each customer to identify higher-risk customers and monitors them more closely as the regulations mandate. The solution automatically detects check fraud, check kiting, deposit fraud, ACH fraud, wire fraud, Internet banking fraud, credit/debit card fraud, ATM fraud, employee fraud, and financial fraud to prevent losses. PATRIOT OFFICER is the only BSA/AML/FRAUD solution endorsed by American Bankers Association.
— GlobalVision Systems, Inc.

FinCEN renews GTOs in six metro areas
The Financial Crimes Enforcement Network (FinCEN) announced yesterday the renewal of existing Geographic Targeting Orders (GTOs) that temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay "all cash" (no financing) for high-end residential real estate in six major metropolitan areas. FinCEN reported that about 30 percent of the transactions covered by the GTOs involve a beneficial owner or purchaser representative that is also the subject of a previous suspicious activity report. This corroborates FinCEN's concerns about the use of shell companies to buy luxury real estate in "all-cash" transactions. The renewed GTOs will be effective for 180 days from February 24. Details…

U.S. Court Case: 9 Banks and 50 Bank Accounts Exploited by Human Trafficking Ring
This article presents key aspects of a financial investigation into a human trafficking ring. It reviews the hierarchal structure and roles of ring members; 37 accounts at 7 banks; flow of criminal proceeds; 6-step layering across multiple banks; plus other details.
— Verafin

NCUA extends interest rate cap
The NCUA Board held an open meeting on February 23, 2017, and unanimously approved a staff recommendation to maintain until September 10, 2018, the current 18-percent maximum loan interest rate for most loans made by federal credit unions. The Federal Credit Union Act caps the interest rate on federal credit union loans at 15 percent; however, the law gives the NCUA Board discretion to raise that limit for 18-month periods if interest-rate levels could threaten the safety and soundness of credit unions. The current 18-percent ceiling has remained in place since May 1987.

Free CRA Compliance Exam Info Kit
If you have questions about CRA exams, we have answers. Get this free info kit to learn the fundamentals of CRA compliance performance reviews! Feel free to share it with the rest of your compliance and management teams so that everyone knows what to expect from a CRA exam.
— TRUPOINT Partners

OFAC sanctions al-Nusrah Front leaders
OFAC has announced it has taken action against two al-Nusrah Front (ANF) leadership officials, Iyad Nazmi Salih Khalil (Khalil) and Bassam Ahmad al-Hasri (al-Hasri). Both individuals, based in Syria, are being designated pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. OFAC also designated Syrian-based Metallic Manufacturing Factory (MMF) for acting for or on behalf of a designated entity, Mechanical Construction Factory. Finally, OFAC announced the removal of several listings from the SDN List. For further information, see our OFAC Update.

Free Webinar: Cybersecurity - Threats and Tips for 2017
March 9th, 1:00-2:00 PM CT
Cybersecurity infrastructure is as critical as ever. Ed Mattison, former senior cybersecurity advisor to the Secretary of the Army, will cover the latest threats to target the U.S. and the financial industry, and discuss how to apply DoD-level cybersecurity to the private sector, from personal lessons learned from 25 years in the Army and the Pentagon.
— Banker's Toolbox

Mortgage relief scammer settles with FTC
The Federal Trade Commission has announced that Gabriel D. Stewart, the final defendant in an alleged mortgage relief scam that preyed upon distressed homeowners, will be banned from selling mortgage or debt relief services under the terms of a settlement. In addition to banning Stewart from those businesses, the stipulated order prohibits him from misrepresenting financial and other products and services. More…

New Innovations to Manage the Risk & Fully Automate the Paper in RDC
Free Webinar
Check payments captured via remote deposit channels now have increased compliance exposure including UDAAP, Reg CC, UCC, OFAC, cross border image exchange, FFIEC and KYC. In this pre-recorded webinar you will be provided with tips and best practices to managing compliance risks.
— Orbograph

BankersOnline's website is scheduled for routine security maintenance on Saturday, February 25, beginning at approximately 8 a.m. EST. You may experience problems accessing the site until we have completed the necessary updates. We thank you in advance for your patience.

February 28, 2017
2017 Regulation By Enforcement

March 2, 2017
2018 HMDA Requirements

March 6, 2017
Reg O – Insider Lending

March 14, 2017
Flood Insurance in Suspended Communities

March 23, 2017
Prepaid Accounts – New Rules

April 5, 2017
50 Key Safe Deposit Procedures

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