Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)
Currency exchanger pays $35,350 for BSA violations
FinCEN has announced the assessment of a $36,350 civil money penalty on Eric Powers for willfully violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements. Powers, who operated as a peer-to-peer exchanger of bitcoin convertible virtual currency, failed to register as a money services business, had no written policies or procedures for ensuring compliance with the BSA, and failed to report suspicious transactions and currency transactions. For additional information, see BankersOnline's penalty posting, "P2P virtual currency transmitter fined for BSA violations".