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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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01/16/2018

FATF report on financing of terrorist recruitment

The Financial Action Task Force (FATF) has issued a report that identifies the most common methods of recruitment used by terrorist organizations and terrorist cells, and the costs associated with these different methods and techniques of terrorist recruitment. Using input collected from authorities within the FATF Global Network, the report increases understanding of terrorist organizations' funding needs to recruit members and supporters. In some cases, these funding needs are minimal.

01/16/2018

FSOC annual report

The Financial Stability Oversight Council (FSOC) has announced the publication of its 2017 annual report. The report describes significant financial market and regulatory developments, potential emerging threats to U.S. financial stability, recommendations to promote financial stability, and the activities of the FSOC. The report was developed collaboratively by the members of the FSOC and their agencies and respective staff and was approved unanimously by voting members of the FSOC. The report notes that the U.S. financial regulatory system should promote economic growth by preventing financial crises and also minimizing regulations that increase costs without commensurate benefits.

Additional recommendations in the annual report include:

  • The FSOC supports the creation of a private sector council of senior executives to collaborate with regulators and focus on the ways that cyber incidents could impact businesses.
  • Financial regulators should ensure that financial institutions have sufficient capital and liquidity to reduce their vulnerability to economic and financial shocks. Additionally, regulators should continue to monitor and assess the impact of rules on financial institutions and markets.
  • Regulators should continue to evaluate whether existing rules and standards for central counterparties and their clearing members are sufficiently robust to mitigate potential threats to financial stability.
  • The Securities and Exchange Commission should monitor and assess the effectiveness of money market mutual fund reforms that were implemented last year.
  • Regulators and market participants should complete work on alternative reference rates, and take appropriate steps to mitigate disruptions associated with the transition to a new reference rate.
  • Regulators and market participants should continue work to improve the coverage, quality, and accessibility of financial data, as well as data sharing between and among relevant agencies.

01/16/2018

Treasury adds Iran and Proliferation designations

The Department of the Treasury has announced that its Office of Foreign Assets Control (OFAC) designated on Friday fourteen individuals and entities in connection with serious human rights abuses and censorship in Iran, and support to designated Iranian weapons proliferators. The actions were taken pursuant to Executive Order (E.O.) 13553, which targets serious human rights abuses by the Government of Iran; E.O. 13606, which targets grave human rights abuses by the Governments of Iran and Syria via information technology; E.O. 13628, which targets, among other things, censorship or other activities that prohibit, limit, or penalize the exercise of freedom of expression or assembly by citizens of Iran, or that limit access to print or broadcast media; and E.O. 13382, which targets proliferators of weapons of mass destruction and their supporters.

For identification of the individuals and entities designated, see our OFAC Update.

01/12/2018

New withholding tables issued

The Department of the Treasury has announced that the IRS has sent new tax withholding guidance to employers to implement tax cuts and other provisions of the Tax Cuts and Jobs Act. Treasury encouraged employers to start using the new withholding tables as soon as possible, but no later than February 15, 2018. The IRS intends to release a new withholding calculator by the end of February, for employees to use to update their withholding information as needed. The IRS said the tables are designed to produce the correct amount of tax withholding, and to avoid over- and under-withholding of tax as much as possible.

01/10/2018

Board rule increases CMP maximums

The Federal Reserve Board has published a final rule [83 FR 1182] adjusting the amount of each civil money penalty maximum provided by law within its jurisdiction to account for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjustments apply to penalties assessed on or after January 10, 2018, for violations occurring on or after November 2, 2015. For example, the statutory $2,000 maximum penalty per violation for violations of requirements to require certain violations of the National Flood Insurance Act, which had increased to $2,056 in January of last year, has now been set at $2,133 per violation. A table of the maximum CMP amounts is found in § 263.65 of the Board's Rules of Practice for Hearings, at 12 CFR Part 263.

01/08/2018

Q1 and Q2 Call Report revisions

FDIC FIL-4-2018, issued on Friday, addresses revisions to the consolidated reports of condition and income (Call Report) for March and June 2018. The FIL applies to all FDIC-supervised banks and savings associations, including community institutions. Highlights include:

  • The burden-reducing changes being implemented by the agencies apply to the new FFIEC 051 Call Report as well as the FFIEC 041 and FFIEC 031 Call Reports.
    • These revisions will take effect as of the June 30, 2018, report date, which is the proposed effective date of further burden-reducing Call Report revisions about which the agencies recently requested comment.
    • For small institutions filing the FFIEC 051, the reporting changes will affect approximately seven percent of the data items collected.
  • Revisions will be made to several Call Report schedules as of March 31, 2018, in response to changes in the accounting for equity securities and other equity investments that take effect for some institutions in the first quarter of 2018.
  • The agencies' June 2017 proposal also included an instructional revision for determining past-due status for regulatory reporting purposes. Based on the comments received on this aspect of the proposal, the agencies are not introducing this proposed instructional revision at this time.
  • Redlined copies of the FFIEC 051, FFIEC 041, and FFIEC 031 report forms showing the Call Report revisions and the related draft instructions are available on the FFIEC's website (https://www.ffiec.gov/ffiec_report_forms.htm). This website also includes draft revised instructions to implement the agencies' regulatory capital transitions final rule in the Call Report for March 31, 2018.
  • Review FIL-2-2018 for additional information about the changes to the Call Report requirements.

01/08/2018

OCC counterfeit cashier's check alert

The OCC has issued an alert about counterfeit cashier's checks purporting to be drawn on BNC National Bank, Glendale, Arizona, that have been reported by that bank. Details from the alert are posted in our Alerts and Counterfeits pages.

01/08/2018

Four Venezuelan officials sanctioned

On Friday, January 5, acting under Executive Order (E.O.) 13692, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four current or former Venezuelan government officials associated with corruption and repression in Venezuela. As a result of Friday’s actions, all assets of the designated current or former officials of the Government of Venezuela that are subject to U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from dealing with them. For the four individuals' identification information, see our OFAC Update.

01/08/2018

FDIC proposes Section 19 policy update

The FDIC has published a Notice in today's Federal Register that it proposes to update its Statement of Policy (SOP) issued pursuant to Section 19 of the Federal Deposit Insurance Act. Section 19 prohibits, without the prior written consent of the FDIC, any person from participating in banking who has been convicted of a crime of dishonesty or breach of trust or money laundering, or who has entered a pretrial diversion or similar program in connection with the prosecution for such an offense. The FDIC is proposing to expand its current de minimis exception to encompass insufficient funds checks of aggregate moderate value; small dollar, simple theft; and isolated, minor offenses committed by young adults. These carefully measured changes are intended to reduce regulatory burden by decreasing the number of covered offenses that will require an application, while ensuring that insured institutions are not subject to risk by convicted persons. Comments on the proposal are due by March 9, 2018.

01/05/2018

Justice Department reverses marijuana enforcement policy

The Department of Justice announced yesterday that it has issued a memo on federal marijuana enforcement policy announcing a return to the rule of law and the rescission of previous guidance documents. Justice's press release said that, since the passage of the Controlled Substances Act (CSA) in 1970, Congress has generally prohibited the cultivation, distribution, and possession of marijuana. In the memorandum, Attorney General Jeff Sessions directs all U.S. Attorneys to enforce the laws enacted by Congress and to follow well-established principles when pursuing prosecutions related to marijuana activities. The memo to United States Attorneys includes a list of five previous guidance documents being rescinded, including "Cole #2," issued on February 14, 2014, to all U.S. Attorneys, "Guidance Regarding Marijuana Related Financial Crimes."

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