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Top Story Compliance Related

01/14/2021

OFAC targets Iranian foundations

Treasury announced yesterday that OFAC has taken action against two organizations controlled by the Supreme Leader of Iran— the Execution of Imam Khomeini’s Order (EIKO) and Astan Quds Razavi (AQR)—along with their leaders and subsidiaries. While purportedly charitable organizations (bonyads), EIKO and AQR control large swaths of the Iranian economy, including assets expropriated from political dissidents and religious minorities, to the benefit of Supreme Leader Ali Khamenei and senior Iranian government officials. Alongside the previously designated Bonyad Mostazafan, itself controlled by the Supreme Leader, and the IRGC-owned Khatam al-Anbiya, AQR and EIKO are said to control more than half of the Iranian economy.

These persons were designated in accordance with Executive Order 13876, which targets the Supreme Leader of the Islamic Republic of Iran and the Iranian Supreme Leader’s Office, as well as their affiliates. For a full list of the designated individuals and entities and their identification information, see BankersOnline's OFAC Update.

OFAC also updated the SDN List entry for MIRJIRASH AL-MUHAMMADAWI, Abd al-Aziz Malluh.

01/12/2021

OFAC acts against Russian-linked actors

On Monday, OFAC took action against seven individuals and four entities that are part of a Russia-linked foreign influence network associated with Andrii Derkach. Russian agent Derkach was designated on September 10, 2020, pursuant to Executive Order 13848, for his attempt to influence the 2020 U.S. presidential election.

For identifying information, see BankersOnline's OFAC Update.

01/11/2021

Deutsche Bank settles FCPA violations charges with SEC and Justice

The Securities and Exchange Commission has announced charges against Deutsche Bank AG for violations of the Foreign Corrupt Practices Act (FCPA). As part of coordinated resolutions with the SEC and the Department of Justice, Deutsche Bank has agreed to pay more than $120 million, which includes more than $43 million to settle the SEC’s charges. According to the order, Deutsche Bank engaged foreign officials, their relatives, and their associates as third-party intermediaries, business development consultants, and finders to obtain and retain global business. The order finds that Deutsche Bank lacked sufficient internal accounting controls related to the use and payment of such intermediaries, resulting in approximately $7 million in bribe payments or payments for unknown, undocumented, or unauthorized services. The order further finds that these payments were inaccurately recorded as legitimate business expenses and involved invoices and documentation falsified by Deutsche Bank employees.

The SEC’s order finds that Deutsche Bank violated the books and records and internal accounting controls provisions of the Securities Exchange Act of 1934. Deutsche Bank agreed to a cease-and-desist order and to pay disgorgement of $35 million with prejudgment interest of $8 million to settle the action. The SEC did not impose a civil penalty in light of the $79 million criminal penalty paid in the criminal resolution.

01/11/2021

OFAC sanctions Iraqi militia leader

On Friday, OFAC designated Iraqi Popular Mobilization Committee (PMC) Chairman and former National Security Advisor Falih al-Fayyadh for his connection to serious human rights abuse. This action was taken in accordance with Executive Order 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuse and corruption.

For identification details, an update to OFAC's non-SDN Communist Chinese Military Companies list, and information on issuance of Communist Chinese Military Companies General License 1, see BankersOnline's OFAC Update.

01/11/2021

Federal Reserve December CRA evaluations

As we've previously noted, the Federal Reserve Board does not publicly announce its release of Community Reinvestment Act evaluation ratings. But in our review of the Fed's archives, we found that 16 evaluations were made public in December, 2020. Fourteen of those were rated "Satisfactory." We congratulate these two banks whose evaluations were rated "Outstanding":

01/08/2021

OCC releases CRA evaluations

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the month of December. Of the 23 evaluations listed, 16 are rated satisfactory, and the evaluations of the following seven banks are rated outstanding:

01/07/2021

French bank settles potential OFAC CMPs

OFAC announced Wednesday a settlement with Union de Banques Arabes et Françaises (“UBAF”), a bank based in France that facilitates trade finance between Europe and the Middle East, North Africa, sub-Saharan Africa, and Asia. UBAF agreed to remit $8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related sanctions. UBAF processed the payments on behalf of sanctioned Syrian financial institutions with the majority of the apparent violations involving UBAF’s processing of internal transfers on behalf of Syrian entities that were followed by corresponding funds transfers through the U.S. financial system.

01/07/2021

Acting Comptroller responds to CFPB Taskforce report

Acting Comptroller of the Currency Brian P. Brooks issued a statement yesterday upon the release of the CFPB's taskforce report endorsing the need for federal charters for financial technology (fintech) companies.

in response to the taskforce's recommendation that the CFPB be empowered to issue federal charters to fintech companies, Brooks said, "Under the law, the agency that grants national charters to companies engaged in lending, payments, or deposit-taking is the Office of the Comptroller of the Currency (OCC), which has the responsibility for prudential supervision to ensure these chartered institutions operate in a safe, sound, and fair manner. In its wisdom, Congress in the Dodd-Frank Act separated chartering and prudential supervision from consumer protection enforcement, assigning chartering authority to the OCC and specific consumer protection enforcement authority to the CFPB."

01/07/2021

Agencies publish rule announced in October

The interagency rule to reduce the impact of large bank failures that was announced in October 2020 has been published in the January 6, 2021, Federal Register.

01/07/2021

HMDA filing platform open for 2020 data

The CFPB opened the filing period for HMDA data collected in 2020 on January 1, 2021. The deadline for timely filing 2020 data is March 1, 2021. Financial institutions can access the HMDA Platform to begin the filing process for data collected in 2020 at https://ffiec.cfpb.gov/filing/.

The Beta Testing Platform, found at https://ffiec.beta.cfpb.gov/filing/, will remain available on an ongoing basis for filers wishing to test their submissions. The Beta Testing Platform is for testing purposes only, and data entered on the Beta Testing Platform will not be considered a HMDA submission for compliance with HMDA data reporting requirements.

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