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Top Story Compliance Related

10/04/2017

Institutions affected by hurricanes encouraged to contact FinCEN

FinCEN has posted a notice that financial institutions affected by Hurricanes Harvey, Irma, and Maria should contact FinCEN and their functional regulators as soon as practicable to discuss any delays in their ability to file required Bank Secrecy Act reports. Institutions seeking to contact FinCEN should call the FinCEN Resource Center at 1-800-949-2732 and select option 8 or e-mail the Resource Center at FRC@fincen.gov.

10/04/2017

OFAC Venezuela FAQ

OFAC has posted a Frequently Asked Question (FAQ) explaining what constitutes “profit” for the purposes of Subsection 1(a)(iv) of Executive Order 13808 (“Imposing Additional Sanctions With Respect to the Situation in Venezuela").

10/02/2017

FinCEN corrects beneficial ownership form

FinCEN has published [82 FR 45182] corrections to the Certification Form in Appendix A to 31 CFR 1010.230 (Beneficial ownership requirements for legal entity customers). FinCEN indicated that all the changes were technical corrections. The corrections were described as follows in the Federal Register document:

"As revised, appendix A (Certification Form) is identical to the original version except for the following: In the first sentence in Part I under the heading “What information do I have to provide?”, the term “foreign persons” is changed to “non-U.S. persons”; and in Part II: The heading of Section II b. is changed to “b. Name, Type, and Address of Legal Entity for Which the Account is Being Opened:”; and in the headings of the last column in the Tables in Section II c and Section II d, the term “Foreign Persons” is changed to “Non-U.S. Persons” and the term “Social Security Number” is added after the term “persons”; and in footnote 1, the term “Foreign Persons” is changed to “Non-U.S. Persons” and “a Social Security Number,” is inserted after the word “provide”.

A quick analysis of the changes suggests that the addition of the "type" of legal entity business (corporation, LLC, etc.) as a required piece of information and of "Social Security number" as an acceptable identifying number for non-U.S. persons will require adjustments in the implementation plans of financial institutions and third-party service providers.

BankersOnline has updated the form in Appendix A to § 1010.230 in its Regulations pages.

09/29/2017

FDIC releases August enforcement actions

The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in August 2017. There were a total of 22 orders, four notices, including one notice issued in May, and one adjudicated decision. The administrative enforcement actions in those orders consisted of two consent orders; three removal and prohibition orders; seven Section 19 orders; one civil money penalty; one termination of insurance; eight terminations of consent orders; four notices; and one adjudicated decision.

Under the adjudicated decision, the FDIC Board issued an order removing a board member and former president of an Amarillo, Texas, bank, prohibiting him from participation in the banking industry, and assessing a $200,000 civil money penalty for violations of Regulation O, engaging in unsafe and unsound banking practices, and breaching his fiduciary duties. See our Penalty page for details. There was also an order assessing a $21,000 penalty against a California bank for engaging in a pattern or practice of violations of flood insurance requirements. The three removal/prohibition orders were issued against individuals formerly affiliated with banks in Fort Walton Beach, Florida, Medota, Illinois, and Fort Pierce, Florida.

Notices of charges and hearing are preliminary notices of penalties for which the respondent individual or bank has a right to request a hearing before an Administrative Law Judge. The May 2017 notice was issued to a Louisiana bank alleged to have engaged in an extensive pattern or practice of flood insurance-related violations. The three notices issued in August involve pending removal/prohibition orders issued against two individuals affiliated with a Laredo, Texas, bank, and one individual affiliated with a bank in Everett, Massachusetts.

09/29/2017

SEC announces regulatory relief for hurricane victims

The Securities and Exchange Commission is providing regulatory relief to publicly traded companies, investment companies, accountants, transfer agents, municipal advisors and others affected by Hurricanes Harvey, Irma and Maria. The loss of property, power, transportation, and mail delivery due to the hurricanes poses challenges for some individuals that are required to provide information to the SEC and shareholders.

09/28/2017

Agencies extend "living will" deadline for selected banks

The Federal Reserve Board and the Federal Deposit Insurance Corporation announced today they have extended the next resolution plan filing deadline for eight large domestic banks by one year to July 1, 2019. The extension will provide the time needed for firms to remediate any weaknesses identified in their July 2017 submissions and to prepare and improve their next resolution plan submissions. The resolution plans describe an institution's strategy for rapid and orderly resolution under bankruptcy if under material financial distress or failing. The eight domestic firms granted the extension are Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs Group, JP Morgan Chase, Morgan Stanley, State Street Corporation, and Wells Fargo.

The agencies are also extending by one year, to December 31, 2018, the next resolution plan submission deadline for 82 foreign banks with limited U.S. operations.

09/28/2017

OCC Supervision Operating Plan for FY 2018

The Office of the Comptroller of the Currency has released its bank supervision operating plan for fiscal year 2018. Strategies for the year will focus on:

  • Cybersecurity and operational resiliency
  • Commercial and retail credit loan underwriting, concentration risk management, and the allowance for loan and lease losses
  • Business model sustainability and viability and strategy changes
  • Bank Secrecy Act/anti-money laundering (BSA/AML) compliance management
  • Change management to address new regulatory requirements

09/28/2017

FDIC final rule on qualified financial contracts

A final rule on qualified financial contracts has been adopted by the FDIC to enhance the resilience and safety and soundness of state savings associations and banks supervised by the FDIC that are affiliated with systemically important U.S. and foreign banking organizations ("covered FDIC-supervised institutions"). The rule will be effective January 1, 2018.

09/27/2017

Agencies propose simpler capital rules

The OCC, FDIC and Board of Governors have issued a joint press release announcing a proposed rule intended to reduce regulatory burden by simplifying several requirements in the agencies' regulatory capital rule. Most aspects of the proposed rule would apply only to banking organizations that are not subject to the "advanced approaches" in the capital rule, which are generally firms with less than $250 billion in total consolidated assets and less than $10 billion in total foreign exposure. The proposal would simplify and clarify a number of the more complex aspects of the existing capital rule. Comments will be accepted for 60 days following publication.

09/26/2017

OFAC sanctions banks and reps linked to North Korea networks

OFAC has announced actions taken Tuesday to further disrupt North Korea’s access to the international financial system. OFAC designated eight North Korean banks and 26 individuals linked to North Korean financial networks. The individuals sanctioned are North Korean nationals operating in China, Russia, Libya and the United Arab Emirates who act as representatives of North Korean banks. OFAC also identified two banks as part of the Government of North Korea. As a result of today’s action, any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked.

For identification of the designated individuals and entities, see our OFAC Update.

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