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Top Story Compliance Related

03/28/2024

CFPB warns remittance transfer providers about false ads

The CFPB yesterday announced it has issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. The Bureau said that companies in the marketplace are charging junk fees on international money transfers and making false claims about the speed of transfers. The circular highlights several marketing practices relating to sending international money transfers that may violate the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices. This prohibition is enforced by the CFPB, states, and other regulators. Guidance in the circular applies both to traditional providers of international money transfers and to “digital wallets” that offer the capability to send money internationally from the United States.

Specifically, today’s circular addresses the following practices by remittance providers, including digital wallet providers that offer remittance services, that consumers have complained to the CFPB about and that the CFPB has observed in its market monitoring:

  • Falsely marketing “no fee” or “free” services
  • Burying promotional conditions in fine print
  • Deceptively advertising how long transfers will take

03/28/2024

U.S. sanctions Hamas-aligned fundraisers and actors financing DPRK weapons

Yesterday, the Treasury Department announced that OFAC, in coordination with the Republic of Korea (ROK), has sanctioned six individuals and two entities based in Russia, China, and the United Arab Emirates that generate revenue and facilitate financial transactions for the Democratic People’s Republic of Korea (DPRK). Funds generated through these actors are ultimately funneled to support the DPRK’s weapons of mass destruction (WMD) programs.

The Department also reported OFAC has designated two individuals and three entities as key financial facilitators involved in fundraising for Hamas.

For the names and identification information of the designated parties, see ourMarch 27, 2024, BankersOnline OFAC Update.

03/27/2024

FATF upgrades U.S. to largely compliant on beneficial ownership

The Treasury Department has reported that the Financial Action Task Force—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF)—announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons.

The FATF published the updated rating in the Seventh Enhanced Follow-Up Report of the United States, recognizing Treasury’s historic efforts to increase beneficial ownership transparency and address key vulnerabilities in the U.S. AML/CFT framework.

03/27/2024

OFAC actions announced

Yesterday, the Treasury Department reported that OFAC had sanctioned six entities, one individual and two tankers that are based or registered in Liberia, India, Vietnam, Lebanon, and Kuwait that have engaged in facilitating commodity shipments and financial transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the Houthis, and Hizballah.

Treasury also reported that OFAC had sanctioned 11 individuals and entities supporting the regime of Syrian President Bashar Al-Assad through the facilitation of illicit financial transfers and trafficking of illegal drugs, as well as the extraction and export of Syrian commodities.

For the names and identification information of the designated individuals, entities, and vessels, see our March 26, 2024, BankersOnline OFAC Update.

03/26/2024

HUD charges Texas housing authority with disability discrimination

The U.S. Department of Housing and Urban Development announced yesterday that the agency has charged the Grapevine Housing Authority (“GHA”); Jane Everett, Executive Director of GHA; and Bonnie McHugh, Vice-Chair of the GHA Housing Commission, with discriminating against, and failure to provide a reasonable accommodation for a tenant with a disability.

HUD’s Charge of Discrimination alleges that the Grapevine Housing Authority, Ms. Everett, and Ms. McHugh terminated the lease of a tenant with diabetes following a medical episode caused by his blood sugar levels. They subsequently denied his reasonable accommodation request and continued eviction proceedings against him even after his doctor had provided evidence that his symptoms were managed following a change in medication and purchase of a medical alert bracelet.

A United States Administrative Law Judge will hear HUD’s charge unless any party to the charge elects to have the case heard in federal district court.

03/26/2024

Hsu discusses fairness and compliance risk management

The OCC has reported that Acting Comptroller of the Currency Michael J. Hsu yesterday discussed fairness and effective compliance risk management in remarks at CBA LIVE 2024, hosted by the Consumer Bankers Association. Mr. Hsu discussed how banks can improve their ability to anticipate and adapt to emerging compliance risk issues by elevating and developing a strong internal sense of fairness.

03/26/2024

OFAC sanctions Russian companies and Chinese hackers

Yesterday, the Treasury Department reported that OFAC had sanctioned thirteen entities and two individuals for operating in the financial services and technology sectors of the Russian Federation economy including persons developing or offering services in virtual assets that enable the evasion of U.S. sanctions. Five entities were designated for being owned or controlled by OFAC-designated persons.

Treasury also reported that OFAC had sanctioned Wuhan Xiaoruizhi Science and Technology Company, Limited (Wuhan XRZ), a Wuhan, China-based Ministry of State Security (MSS) front company that has served as cover for multiple malicious cyber operations. OFAC also designated Zhao Guangzong and Ni Gaobin, two Chinese nationals affiliated with Wuhan XRZ, for their roles in malicious cyber operations targeting U.S. entities that operate within U.S. critical infrastructure sectors, directly endangering U.S. national security.

For the names and identification information of all the designated parties, see the March 25, 2024, BankersOnline OFAC Update.

03/25/2024

FHFA issues 2023 Q4 UAD aggregate stats

The Federal Housing Finance Agency on Friday published its 2023 fourth-quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics. The Data File and Dashboards also include new property characteristics and a new statistic.

The UAD Aggregate Statistics Data File and Dashboards give stakeholders and the public continued access to a broad set of data points and trends found in appraisal reports. Today’s release includes the full year of 2023 data at all geographic levels (National, State, County, Metropolitan Statistical Area, and Census Tract). The data also now include six new measures of property structure and site, three new measures of neighborhood market conditions, and one new value statistic.

03/25/2024

Treasury targets Sinaloa fentanyl network

On Friday, Deputy Secretary of the Treasury Wally Adeyemo announced, alongside local leaders and law enforcement in Arizona, that OFAC had sanctioned operatives in a Black Market Peso Exchange scheme to launder millions in illicit fentanyl proceeds for the Sinaloa Cartel. OFAC designated 15 Sinaloa Cartel members—several of whom are fugitives—and six Mexico-based businesses pursuant to Executive Order (E.O.) 14059. The Sinaloa Cartel, which is one of the most notorious and pervasive drug trafficking organizations in the world, is responsible for a significant portion of the illicit fentanyl and other deadly drugs trafficked into the United States.

For the names and identification information of the designated parties, see the March 22, 2024, BankersOnline OFAC Update.

03/25/2024

FDIC special committee adds three non-voting members

The FDIC has announced that the Special Committee of its Board has appointed three non-voting members in its efforts to oversee an independent, third-party review of the agency's workplace culture:

  • Linda Miller, the CEO of Audient Group, a services firm specializing in anti-fraud solutions for commercial and government clients
  • Elizabeth McCaul, a member of the Supervisory Board of the European Central Bank
  • Valerie Mosley, the founder of BrightUp and Valmo Ventures and a member of the board of directors of several large companies and the New Profit Social Venture Fund

The Special Committee intends to complete its independent review in the second quarter of 2024.

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