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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

01/16/2024

U.S. targets commodity shipments financing terrorists

On Friday, the Treasury Department reported that OFAC designated two companies in Hong Kong and the United Arab Emirates for shipping Iranian commodities on behalf of the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa’id al-Jamal. OFAC also identified four vessels as blocked property in which these companies have an interest. The revenue from the commodity sales supports the Houthis and their continued attacks against international shipping in the Red Sea and the Gulf of Aden.

For the names and identification information of the designated entities and vessels, see the January 12, 2024, BankersOnline OFAC Update.

01/16/2024

FinCEN issues FAQs on Paycheck Protection Program

FinCEN has issued Paycheck Protection Program FAQs to re-publish a series of FAQs issued by the U.S. Small Business Administration.

01/16/2024

FinCEN updates FAQs on Beneficial Ownership info

FinCEN has updated its FAQs on Beneficial Ownership Information Reporting. New or updated information dated January 12, 2024, can be found in these sections:

  • C (Reporting Company)
  • D (Beneficial Owner)
  • E (Company Applicant)
  • F (Reporting Requirements)
  • L (Reporting Company Exemptions)
  • M (FinCEN Identifier)

01/12/2024

CFPB issues guidance to consumer reporting companies

On Thursday, the CFPB announced guidance to consumer reporting companies to address inaccurate background check reports, as well as “sloppy credit file sharing practices.” The two advisory opinions seek to ensure that the consumer reporting system produces accurate and reliable information and does not keep people from accessing their personal data.

  • An advisory opinion on Fair Credit Reporting; Background Screening highlights that those reports must be complete, accurate, and free of information that is duplicative, outdated, expunged, sealed, or otherwise legally restricted from public access.
  • An advisory opinion on Fair Credit Reporting; File Disclosure highlights that people are entitled to receive all information contained in their consumer file at the time they request it, along with the source or sources of the information contained within, including both the original and any intermediary or vendor source.

The advisory opinions will become effective on publication in the Federal Register.

Publication update: The advisory opinions were published at 89 FR 4171 (Background Screening) and 89 FR 4167 (File Disclosure) in the January 23, 2023, Federal Register.

01/12/2024

Federal Reserve enforcement actions

Yesterday, the Federal Reserve Board announced four consent enforcement orders:

  • John Freeze, former chief financial officer for Bank of Jackson Hole, Jackson, Wyoming, received an order of prohibition for misappropriation of documents, including confidential supervisory information
  • Three former officers of Farmers and Merchants Savings Bank, Manchester, Iowa, received orders to cease and desist and to pay civil money penalties of $50,000 each, for misappropriation of confidential bank records:

01/12/2024

Federal Reserve CMP inflation adjustments

The Federal Reserve Board has published its civil money penalty inflation adjustments for 2024 in the January 12, 2024, Federal Register.

01/11/2024

FTC proposes amendments to COPPA rule

The Federal Trade Commission has published [89 FR 2034] in this morning's Federal Register a proposal to amend the Children's Online Privacy Protection Rule, consistent with the requirements of the Children's Online Privacy Protection Act (COPPA).

The proposed modifications are intended to respond to changes in technology and online practices, and where appropriate, to clarify and streamline the Rule. The proposed modifications, which are based on the FTC's review of public comments and its enforcement experience, are intended to clarify the scope of the Rule and/or strengthen its protection of personal information collected from children.

Comments on the proposal are due by March 11, 2024.

01/11/2024

FDIC adjusts maximum CMPs

The FDIC has published [89 FR 1917] a notice in today's Federal Register of inflation adjustments to maximum civil money penalties under the FDIC's purview. The adjusted maximum amounts of civil money penalties in the notice are applicable to penalties assessed after January 15, 2024, for conduct occurring on or after November 2, 2015.

01/11/2024

Global software company fined for FCPA violations

Yesterday, the Securities and Exchange Commission reported charges against global software company SAP SE for violations of the Foreign Corrupt Practices Act (FCPA) arising out of bribery schemes in South Africa, Malawi, Kenya, Tanzania, Ghana, Indonesia, and Azerbaijan. The company agreed to monetary sanctions of nearly $100 million in disgorgement and prejudgment interest to settle the SEC’s charges.

The SEC’s order finds that SAP, whose American Depositary Shares are listed on the New York Stock Exchange, violated the FCPA by employing third-party intermediaries and consultants from at least December 2014 through January 2022 to pay bribes to government officials to obtain business with public sector customers in the seven countries. According to the SEC’s order, SAP inaccurately recorded the bribes as legitimate business expenses in its books and records, despite the fact that certain of the third-party intermediaries could not show that they provided the services for which they had been contracted. The SEC’s order finds that SAP failed to implement sufficient internal accounting controls over the third parties and lacked sufficient entity-level controls over its wholly owned subsidiaries.

In 2016, the SEC charged SAP with books and records and internal accounting controls violations in connection with a bribery scheme in Panama.

SAP consented to the SEC’s order finding that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Securities Exchange Act of 1934. SAP agreed to cease and desist from committing or causing any violations of these provisions and to pay disgorgement of $85 million plus prejudgment interest of more than $13.4 million, totaling more than $98 million, which will be offset by up to $59 million paid by SAP to the South African government in connection with its parallel investigations into the same conduct.

01/11/2024

Agencies release video on CRA regulation update

The Federal Reserve Board, FDIC, and OCC have issued an overview video on the final rule issued on October 24, 2023, to strengthen and modernize their regulations implementing the Community Reinvestment Act.

The nearly one-hour video on the regulators' YouTube channels provides an overview of the new CRA rule and its objectives. Additional topics in the recording include assessment areas, community development, evaluation framework, performance tests, ratings, data collection and reporting, and applicability dates.

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