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Top Story Compliance Related


OCC making organizational changes

The OCC yesterday announced organizational changes intended to enhance the agency’s efficiency and effectiveness which are expected to be implemented this summer. It is realigning its Economics, Supervision System and Analytical Support, and Systemic Risk Identification Support and Specialty Supervision units under a new Senior Deputy Comptroller for Supervision Risk and Analysis. Blake Paulson will move from the Chief Operating Officer position to take on this new role. The agency is retiring the Chief Operating Officer role.

As a result of this change, agency bank supervision units (Bank Supervision Policy, Midsize and Community Bank Supervision, Large Bank Supervision, and Supervision Risk and Analysis) and the Office of Management will report directly to the head of the agency.

The agency also will merge its Enterprise Risk Management Office with its Office of Enterprise Governance and Ombudsman. Senior Deputy Comptroller Larry Hattix will take on the additional title of Chief Risk Officer overseeing that function.


OFAC: Do not forgot your blocked property report

OFAC has posted and emailed a reminder that holders of blocked property under OFAC regulations must provide OFAC a comprehensive list of all blocked property held as of June 30 of the current year by September 30 of each year. Persons that do not hold blocked property as of June 30 do not need to file an Annual Report of Blocked Property (ARBP).

OFAC provides Guidance on Filing the Annual Report of Blocked Property on its website.


Hedge fund trader charged by SEC

The SEC on Friday announced fraud charges against Sean Wygovsky, a trader at a major Canada-based asset management firm, in connection with a long-running and lucrative front-running scheme that Wygovsky perpetrated in the accounts of his close family members, netting more than $3.6 million in illicit gains.

In a parallel action, the U.S. Attorney’s Office for the Southern District of New York announced criminal charges against Wygovsky.

According to the complaint filed by the SEC, from approximately January 2015 through at least April 2021, Wygovsky repeatedly traded in his family members’ accounts held at brokerage firms in the United States ahead of large trades that were executed on the same days in the accounts of his employer’s advisory clients. On over 600 occasions, Wygovsky allegedly bought or sold a stock for one his relatives’ accounts either before the client accounts began executing a large order for the same stock on the same side of the market, or during the time period when tranches of such a large order were being executed. Then, typically before the client accounts completed their executions, Wygovsky allegedly closed out the just-established positions in his relatives’ accounts, nearly always at a profit.


FDIC issues three Outstanding CRA evaluations

The FDIC has released its July 2021 list of state non-member banks examined for CRA compliance. Of the 53 institutions listed, 50 received Satisfactory ratings. We congratulate the three banks that received a rating of Outstanding:


OCC issues five Outstanding CRA ratings

The Office of the Comptroller of the Currency has released a list of sixteen Community Reinvestment Act (CRA) performance evaluations that became public in June.

Eleven of the national banks, federal savings associations, and insured federal branches of foreign banks received ratings of Satisfactory.

We congratulate the five institutions that received Outstanding ratings:


OFAC sanctions senior officials and families connected to Burma's military

On Friday, OFAC designated 22 individuals connected to Burma’s military regime.

Among the individuals sanctioned are seven key members of Burma’s military, which continues to repress the pro-democracy movement in the country and use lethal force against the people of Burma, including children and members of ethnic minority groups. The other 15 individuals are the spouses or adult children of previously designated senior Burmese military officials whose financial networks have contributed to military officials’ ill-gotten gains. OFAC designated all these individuals under the authority of Executive Order (E.O.) 14014, “Blocking Property with Respect to the Situation in Burma.” These sanctions are not directed at the people of Burma.

For identification details on the 22 individuals designated and on removals from the SDN List, see the July 2, 2021, BankersOnline OFAC Update.


OFAC rescinds Int'l Criminal Court-related sanctions regs

The Treasury Department's Office of Foreign Assets Control published a final rule at 86 FR 35399 in today's Federal Register removing, effective today, the International Criminal Court-Related Sanctions Regulations at 31 CFR 520, because President Biden, on April 1, 2020, terminated the national emergency with respect to the International Criminal Court.


FinCEN notes FATF updates on deficient AML/CFT/CPF programs

FinCEN yesterday issued a notice to U.S. financial institutons to inform them that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.

FinCEN previously provided this information through the issuance of advisories, and the purpose of this and future releases regarding updates to the FATF’s statements is the same. U.S. financial institutions should consider the FATF’s statements when reviewing their obligations and risk-based policies, procedures, and practices with respect to the jurisdictions identified by the FATF.

As part of the FATF’s listing and monitoring process to ensure compliance with its international standards, the FATF issued two statements: (1) High-Risk Jurisdictions Subject to a Call for Action, which identifies jurisdictions with significant strategic deficiencies in their AML/CFT/CPF regimes and calls on all FATF members to apply enhanced due diligence, and, in the most serious cases, apply counter-measures to protect the international financial system from the money laundering, terrorist financing, and proliferation financing risks emanating from the identified countries; and (2) Jurisdictions under Increased Monitoring, which publicly identifies jurisdictions with strategic deficiencies in their AML/CFT/CPF regimes that have committed to, or are actively working with, the FATF to address those deficiencies in accordance with an agreed upon timeline.

On June 25, 2021, the FATF updated both of these statements. In particular, the FATF added Haiti, Malta, the Philippines, and South Sudan to, and removed Ghana from, the list of Jurisdictions under Increased Monitoring.


CFPB bulletin on reporting rental and eviction information

The CFPB has released an Enforcement Compliance Bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental and eviction information on a tenant screening report or a credit report can unfairly block a family from safe and affordable housing. As the federal eviction moratorium and other pandemic rental protections come to an end, the CFPB wants to protect families from being denied housing on the basis of inaccurate information.


New FATF reports available


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