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12/12/2023

Treasury targets transnational corruption

Yesterday, the Department of the Treasury reported that OFAC has sanctioned two former Afghan government officials — Mir Rahman Rahmani (M. Rahmani) and his son, Ajmal Rahmani (A. Rahmani), collectively known as “the Rahmanis” — for their extensive roles in transnational corruption, as well as 44 associated entities. These individuals and entities were designated under 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 around the world. Through their Afghan companies, the Rahmanis perpetrated a complex procurement corruption scheme resulting in the misappropriation of millions of dollars from U.S. Government-funded contracts that supported Afghan security forces.

Concurrently, the Department of State designated Mir Rahman Rahmani, Ajmal Rahmani, and their immediate family members, under Section 7031(c) of the annual Department of State, Foreign Operations, and Related Programs Appropriations Act for involvement in significant corruption as a public official.

For the names and identification information of the designated individuals and entities, see yesterday's BankersOnline OFAC Update.

12/12/2023

Nasdaq settles with OFAC for over $4 million

OFAC has announced it has entered into a settlement with Nasdaq, Inc. for $4,040,923 related to apparent violations of the Iranian Transactions and Sanctions Regulations by its former Armenian subsidiary, Nasdaq OMX Armenia OJSC, the former owner and operator of the Armenian Stock Exchange (ASE).

Nasdaq OMX Armenia processed trades and settled payments through the ASE platform involving the OFAC-designated Armenian subsidiary of Iran's state-owned Bank Mellat. In doing so, Nasdaq OMX Armenia knowingly engaged in the exportation of services to Iran and the Iranian government, thereby committing 151 apparent violations of the OFAC sanctions on Iran. The settlement amount reflects OFAC’s determination that the apparent violations were non-egregious and voluntarily self-disclosed.

For additional information on OFAC's settlement with Nasdaq, Inc., see this BankersOnline Penalty page.

12/11/2023

U.S. designates perpetrators of human rights abuse

The Treasury Department has announced that OFAC has sanctioned 20 individuals for their connection to human rights abuse in nine countries. An additional two individuals were sanctioned under the Department of State’s counterterrorism authority. Furthermore, the Department of State likewise designated individuals in Russia, Indonesia, and the People’s Republic of China (PRC) for visa restrictions pursuant to Section 7031(c) of the Annual Appropriations Act. These actions were taken in concert with measures imposed by partners in the United Kingdom and Canada, which have similarly utilized economic measures to deter human rights abuse globally.

For the names and identification information of the designated parties, a related Global Magnitsky FAQ, and a reminder on OFAC's plan to shut down an FTP server, see this BankersOnline OFAC Update.

12/08/2023

U.S. targets Russian cyber actors and Houthi financing network

Yesterday, the Treasury Department reported that OFAC, in coordination with the United Kingdom, designated two individuals associated with an advanced persistent threat (APT) group that is sponsored by the Russian Federal Security Service (FSB) and has targeted individuals and entities in the United States, United Kingdom, and other allied and partner countries.

Treasury also announced that OFAC has sanctioned 13 individuals and entities responsible for providing tens of millions of dollars’ worth of foreign currency generated from the sale and shipment of Iranian commodities, backed by the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), to the Houthis in Yemen.

For the names and identification information of the designated individuals and entities, see yesterday's BankersOnline OFAC Update.

12/08/2023

OCC identifies key risks facing federal banking system

The Office of the Comptroller of the Currency yesterday reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2023.

The OCC highlighted credit, market, operational, and compliance risks as the key risk themes in the report. The report also highlights artificial intelligence (AI) in banking as an emerging risk.

12/07/2023

CFPB orders Atlantic Union Bank to pay $6.2M for overdraft fee violations

The CFPB announced this morning it has taken action against Atlantic Union Bank for illegally enrolling thousands of customers in checking account overdraft programs. The CFPB found that Atlantic Union misled consumers who enrolled in this overdraft service by phone and failed to provide proper disclosures. The CFPB is ordering Atlantic Union to refund at least $5 million in illegal overdraft fees and pay a $1.2 million penalty to the CFPB’s victims relief fund.

The Electronic Fund Transfer Act and its implementing regulation require banks to describe their overdraft service in writing before getting a consumer to opt-in to overdraft coverage for ATM withdrawals and one-time debit card transactions. The CFPB’s consent order describes the bank’s illegal conduct and how it improperly communicated with and enrolled consumers in its overdraft program. Specifically, the bank violated federal law by:

  • Charging fees without proper consent: At Atlantic Union Bank branches, employees gave oral descriptions of the bank’s overdraft coverage to new customers who opened checking accounts. Employees sought oral confirmation from customers to enroll in overdraft coverage before providing them with the required written disclosures describing the terms of service.
  • Misleading customers about the terms and costs of overdraft coverage: For customers who enrolled in overdraft coverage by phone, Atlantic Union Bank employees did not clearly explain which transactions were covered by the service, and made other misleading statements about the terms and conditions of the service. In some calls, bank employees also omitted key information about the cost of the service and the fact that consumers could incur a hefty overdraft fee for each transaction covered by the service.

For additional information, see "Atlantic Union Bank to pay $6.2M for illegal overdraft fees" in the BankersOnline Penalty Pages.

12/07/2023

Sanctions against new generation of violent drug trafficking

Yesterday, Secretary of the Treasury Janet L. Yellen announced during her travel to Mexico that OFAC has sanctioned 15 Mexican individuals — several of whom are U.S. fugitives — and two Mexico-based companies linked, directly or indirectly, to the Beltrán Leyva Organization (BLO), which continues to be one of the most powerful drug trafficking organizations in the world and is heavily involved in the transportation and distribution of deadly drugs, including fentanyl, to the United States. It has been one of the largest suppliers of cocaine to the U.S. market for over two decades.

This action was coordinated closely with the Government of Mexico, including La Unidad de Inteligencia Financiera (Mexico’s Financial Intelligence Unit), consistent with the Bicentennial Framework, which was adopted at the inaugural meeting of the High-Level Security Dialogue in October 2021 and continues to guide bilateral security cooperation between the United States and Mexico.

For the names and identification information of the designated individuals and entities, see yesterday's BankersOnline OFAC Update.

12/06/2023

FDIC ending receiverships

The FDIC this morning published, in the Federal Register, a notice that it has terminated, as of December 1, 2023, its receiverships of ten banks:

  • Michigan Heritage Bank Farmington Hills MI
  • Westsound Bank, Bremerton WA
  • Community Bank of West Georgia, Villa Rica GA
  • Community Bank of Arizona, Phoenix AZ
  • Community Bank & Trust, Cornelia GA
  • First Georgia Banking Company, Franklin GA
  • Atlantic Bank & Trust, Charleston SC
  • Carolina Federal Savings Bank, Charleston SC
  • Montgomery Bank & Trust, Ailey GA
  • Gulfsouth Private Bank, Destin FL

12/06/2023

Treasury targets Belarusian revenue generators and Russian procurement network

On Tuesday, the Treasury Department reported that OFAC has designated 11 entities and seven individuals pursuant to Executive Order (E.O.) 14038 and one individual pursuant to E.O. 14024. This action increases the pressure on Alyaksandr Lukashenka’s authoritarian regime for its brutal suppression of Belarus’s democratic civil society, corrupt financial enrichment of the Lukashenka family, and complicity in Russia’s unjustified war against Ukraine.

Treasury also reported that OFAC has targeted a network led by Belgium-based Hans De Geetere that is involved in procuring electronics with military applications for Russian end-users. The network consists of nine entities and five individuals based in Russia, Belgium, Cyprus, Sweden, Hong Kong, and the Netherlands.

Concurrent with OFAC’s action, the U.S. Department of Justice unsealed two separate indictments against Hans De Geetere related to his years-long scheme to unlawfully export sensitive, military-grade technology from the United States to end users located in the People’s Republic of China and the Russian Federation. The U.S. Department of Commerce is also concurrently adding Hans De Geetere and five entities to the Bureau of Industry and Security (BIS) Entity List. Additionally, Belgian authorities took action against De Geetere on charges related to his global illicit procurement scheme.

For the names and identification information of the designated individuals and entities and information on a related Belarus General License, see Tuesday's BankersOnline OFAC Update.

12/06/2023

Fiscal Service hits milestone in Go Direct program

The Treasury Department's Fiscal Service has reported it recently completed the eleven millionth enrollment into electronic solutions such as direct deposit through Treasury's Go Direct program.

“This milestone represents one more step towards our vision for delivering an improved, inclusive payment experience for all Americans,” said Tim Gribben, Commissioner, Bureau of the Fiscal Service. “Today, thanks to efforts like Go Direct, nearly 99 percent of the over 1 billion Treasury-disbursed benefit payments are delivered electronically, ensuring Americans receive their federal payment on time without having to wait on the mail or pay fees to cash a paper check.”

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