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Top Story Compliance Related

05/22/2017

OFAC targets al-Qa'ida in Arabian Peninsula

OFAC has announced that it has targeted al-Qa’ida in the Arabian Peninsula (AQAP) leaders and facilitators by imposing sanctions on two individuals. Specifically, OFAC designated Hashim Muhsin Aydarus al-Hamid (al-Hamid) and Khalid Ali Mabkhut al-Aradah (al-Aradah), both Yemen-based tribal leaders who facilitated the transfer of weapons and money and the movement of individuals in support of AQAP. Those actions were taken Friday in conjunction with the State Department's designation of Hashem Safieddine, a senior leader in Hizballah, and Muhammad al-Isawi, the leader of ISIS - Sinai. As a result of Friday’s actions, all property and interests in property of these persons subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For more information, see our OFAC Update.

05/22/2017

OCC announces enforcement actions

The Office of the Comptroller of the Currency has released enforcement actions taken in April 2017 against national banks, federal savings associations, and individuals currently and formerly affiliated with such institutions. .This month's list included the previously announced $15 million civil money penalty levied against U.S. Bank, N.A.. Also included was an $87,500 civil money penalty against a Texas bank for a pattern and practice of flood insurance regulation violations.

There was also an order that a former mortgage loan originator at a Chicago, Illinois, bank make restitution of $3,710, pay a penalty of $10,000, and accept a ban from employment or other involvement in the banking industry. Finally, a former Vice President and Financial Consultant of a Reno, Nevada, bank was banned from the industry for engaging in a check kiting scheme which at one time left his account at the bank overdrawn by $57,000 (which he covered before resigning from the bank).

05/19/2017

FDIC deposit insurance seminars

FIL-18-2017, issued yesterday by the FDIC, announced that the agency will conduct four live seminars on FDIC deposit insurance coverage [includes dates, times and registration information] for bank employees and bank officers between June 6, 2017, and December 4, 2017. In addition to a comprehensive overview of FDIC deposit insurance rules, the seminars now include deposit insurance coverage information for Prepaid Cards, Health Savings Accounts, 529 plan accounts and 529 Achieving a Better Life Experience (ABLE) plan accounts. The FDIC has also developed three separate Deposit Insurance Coverage Seminars for bank officers and employees that are available on the FDIC's YouTube channel.

05/19/2017

OFAC sanctions Venezuelan judges

The Office of Foreign Assets Control has added the names of the eight members of Venezuela's Supreme Court of Justice (Tribunal Supremo de Justicia or TSJ} to its list of designated foreign nationals under Executive Order 13692. The eight officials are the President of Venezuela's TSJ, Maikel Jose Moreno Perez, and the seven principal members of the TSJ's Constitutional Chamber (La Sala Constitucional del TSJ or TSJ-C): Juan Jose Mendoza Jover (Second Vice President of the TSJ and President of the TSJ-C); Arcadio de Jesus Delgado Rosales (Vice President of the TSJ-C); Gladys Maria Gutierrez Alvarado (Magistrate of the TSJ-C and former President of the TSJ); Carmen Auxiliadora Zuleta de Merchan (Magistrate of the TSJ-C); Luis Fernando Damiani Bustillos (Magistrate of the TSJ-C); Lourdes Benicia Suarez Anderson (Magistrate of the TSJ-C); and Calixto Antonio Ortega Rios (Magistrate of the TSJ-C). As a result of today's actions, all of the designated individuals' assets within U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For further information and identification details, see our OFAC Update.

05/19/2017

FEMA suspends communities from NFIP

Communities in Connecticut, Iowa, Mississippi and South Carolina were suspended from participation in the National Flood Insurance Program on May 16, 2017, according to a rule published in the May 19, 2017, Federal Register. FEMA ordered the suspensions, for non-compliance with the flood plain management requirements of the program, for:

  • CT: portions of Hartford and New Haven counties
  • IA: portions of Cass and Pocahontas counties
  • MS: portions of Panola, Quitman and Tallahatchie counties
  • SC: portions of Chester, Lancaster and York counties

05/18/2017

April NCUA board meeting video available

The video recording of the April 20, 2017, open meeting of the National Credit Union Administration Board is now available.

05/18/2017

CFPB adds Blog articles

Two articles have been posted on the Bureau Blog containing tips to get back on track if you’re behind on your auto loan and the most common financial struggles faced by servicemembers.

05/18/2017

Iran missile program draws more OFAC designations

Yesterday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated seven targets in connection with Iran's ballistic missile program. OFAC designated two senior Iranian defense officials, including a defense official who facilitated the sale of explosives and provided other support to Syria and the director of the organization responsible for Iran's solid-fueled ballistic missile program. In addition, OFAC designated a China-based network that is supporting Iran's military by supplying millions of dollars' worth of missile-applicable items and an Iran-based entity that is assisting Iran's ballistic missile program. Yesterday's actions were taken pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction and their means of delivery and supporters of such activity. These sanctions underscore the United States' concern with Iran's continued development and testing of ballistic missiles. For identifying information, see our OFAC Update.

05/17/2017

FATF at G7 meeting in Italy

The Financial Action Task Force (FATF) participated in the G7 Finance Ministers and Central Bank Governors' meeting in Bari, Italy, on May 12–13, 2017. G7 participants discussed the importance of tackling illicit financial flows and terrorist financing and committed to fully and effectively implement FATF standards, including on designated non-financial businesses and professions. They strongly supported the work of FATF in improving the implementation of international standards and welcomed and supported the ongoing work to strengthen the FATF's institutional basis, governance and capacity. The G7 created FATF in 1989 to tackle money laundering. From the original 16 members, FATF has since grown to a global network of 198 jurisdictions that have committed at the highest level to fully implement FATF Recommendations on money laundering, terrorist financing and countering proliferation financing.

05/17/2017

Atlanta OCC workshop scheduled

The OCC will host a Building Blocks for Directors workshop at the Sheraton Atlanta Hotel, June 26–28, for directors, senior management team members and other key executives of institutions supervised by the OCC. The workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation. The session focuses on duties and core responsibilities of directors and management, discusses major laws and regulations, and increases familiarity with the examination process.

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