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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.


Top Story Compliance Related

11/19/2019

State updates Cuba Restricted List

The Department of State has published an update [84 FR 63953] to its List of Restricted Entities and Subentities Associated with Cuba (the Cuba Restricted List) with which direct financial transactions are generally prohibited under the Cuban Assets Control Regulations (CACR). The updated list is effective November 19, 2019.

11/19/2019

OFAC designates ISIS support networks

On Monday, OFAC designated two Turkey-based Islamic State of Iraq and Syria (ISIS) procurement agents and four ISIS-linked companies operating in Syria, Turkey, and across the Persian Gulf and Europe for providing critical financial and logistical support to ISIS. Additionally, Treasury is acting against an Afghanistan-based organization, Nejaat Social Welfare Organization, for using false charitable pretenses as a cover to facilitate the transfer of funds and support the activities of the terrorist group’s branch in Afghanistan, ISIS – Khorasan (ISIS-K). Treasury also took action against two senior officials affiliated with this organization.

These targets have been designated pursuant to Executive Order 13224, which targets terrorists and those who have materially assisted, sponsored, or supported terrorists. Identity information for the five entities and four individuals designated on Monday can be found in BankersOnline's OFAC Update.

11/18/2019

GA apartment owners settle HUD racial harassment claim

The Department of Housing and Urban Development has announced it has reached an $80,000 Conciliation/Voluntary Compliance Agreement with Oglethorpe Square Apartments, LP, of Savannah, Georgia, and Gene B. Glick Company, Inc., of Indianapolis, Indiana. The agreement settles allegations that the owners and management agent for the Woods of Savannah apartment complex subjected African-American tenants at the property to repeated instances of racial harassment by white tenants, which included verbal attacks and physical assaults.

11/15/2019

Volcker Rule amendment published

In October, the federal bank regulatory agencies and others approved amendments to the Volcker Rule ("Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds”). Those amendments were published [84 FR 61974] yesterday in the Federal Register with an effective date of January 1, 2020, and a compliance date for financial institutions of January 1, 2021.

11/15/2019

HUD settles with CA housing providers

HUD has announced it has reached a Conciliation/Voluntary Compliance Agreement with housing providers in San Diego, Sacramento and Oceanside, California, settling allegations that they violated the Fair Housing Act and other laws when they refused to install grab bars in the showers of elderly tenants with disabilities and subsequently retaliated against them for making the requests. The providers include Mission Cove Seniors Housing Associates, L.P, Carolyn Compass Rose, LLC, Community Housing Works, Inc. of San Diego, ConAm Management Corporation of Sacramento, and the city of Oceanside, California.

11/14/2019

FFIEC advisory on FATF-identified jurisdictions with AML/CFT deficiencies

FinCEN has issued Advisory FIN-2019-A007 on "Financial Action Task Force-Identified Jurisdictions with AML/CFT Deficiencies and Relevant Actions by the United States Government."

FinCEN has outlined in the Advisory the countermeasures against the AML/CFT deficiencies of the Democratic Peoples Republic of Korea (North Korea) and Iran, and listed the FATF-identified jurisdictions with strategic AML/CFT deficiencies. If a SAR is filed on suspicious activity connected to any of the jurisdictions or activities highlighted in Advisory FIN-2019-A007, the key term "October 2019 FATF FIN-2019-A007" should be included.

11/13/2019

Tech company to implement data security program

InfoTrax Xystems, L.C., a Utah-based technology company, has agreed to implement a comprehensive data security program to settle Federal Trade Commission allegations that the company failed to put in place reasonable security safeguards. A complaint filed by the FTC alleged that the failure to put in place reasonable, low-cost, and readily available security protections to safeguard the personal information it maintained on behalf of its clients allowed a hacker to access the personal information of a million consumers.

11/13/2019

FDIC Board agenda released

The FDIC Board's agenda for its 10:00 a.m. EST, November 19, 2019, meeting has been released. The summary agenda includes memoranda and resolutions regarding:

  • Regulatory Capital Rule: Revisions to the Supplementary Leverage Ratio to Exclude Certain Central Bank Deposits of Banking Organizations Predominantly Engaged in Custody, Safekeeping and Asset Servicing Activities.
  • Regulatory Capital Treatment for High Volatility Commercial Real Estate (“HVCRE”) Exposures.
  • Final Rule Removing Transferred OTS Regulation, Part 390 Subpart M – Deposits.
  • Notice of Final Rulemaking Re: The Use and Remittance of Certain Assessment Credits.
  • Establishment of the FDIC Advisory Committee of State Regulators.

The Board's discussion agenda includes memoranda and resolutions regarding:

  • Regulatory Capital Rule: Standardized Approach for Calculating the Exposure Amount of Derivative Contracts.
  • Notice of Proposed Rulemaking on Conversion of the Statement of Policy for Section 19 of the Federal Deposit Insurance Act to a Regulation.
  • Notice of Proposed Rulemaking on Federal Interest Rate Authority.

11/12/2019

FinCEN GTOs reissued

FinCEN has announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The renewed GTOs will be identical to the May 2019 GTOs with one modification: the new GTOs will not require reporting for purchases made by legal entities that are U.S. publicly-traded companies. Real estate purchases by such entities are identifiable through other business filings.

The terms of this Order are effective beginning November 12, 2019 and ending on May 9, 2020. It applies to purchases made without a bank loan or other similar form of external financing and paid for, at least in part, using currency or a cashier's, certified, traveler's, personal or business check, a money order in any form, a funds transfer, or virtual currency. Covered transactions are those involving residential real property in the:

  • Texas counties of Bexar, Tarrant, or Dallas;
  • Florida counties of Miami-Dade, Broward, or Palm Beach;
  • Boroughs of Brooklyn, Queens, Bronx, Staten Island, or Manhattan in New York City, New York;
  • California counties of San Diego, Los Angeles, San Francisco, San Mateo, or Santa Clara;
  • City and County of Honolulu in Hawaii;
  • Nevada county of Clark;
  • Washington county of King;
  • Massachusetts counties of Suffolk, or Middlesex; or
  • Illinois county of Cook

11/12/2019

Proposal to amend swap margin rule

The OCC, Fed, FDIC, the Farm Credit Administration, and the Federal Housing Finance Agency are seeking comment on a proposed rule [84 FR 59970] that would amend their regulations regarding the minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants (Swap Margin Rule). Comments on the proposal are due by December 9, 2019.

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