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Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

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OFAC issues Venezuela General License and FAQs

OFAC has issued Venezuela General License 5 authorizing certain bondholders of Venezuela's PdVSA 2020 8.5% bond to enforce rights to the CITGO shares backing that bond issue. OFAC also issued two new Frequently Asked Questions related to the new license.


CFPB announces director of innovation office

Acting CFPB Director Mulvaney has announced the selection of Paul Watkins to lead its new Office of Innovation. The Office, created recently to focus on encouraging consumer-friendly innovation, is taking over work previously assigned to Project Catalyst.


FATF issues group study and ML terrorist financing reports

The Financial Action Task Force (FATF) has issued the results of a new study of the mechanisms and techniques that can be used to obscure the ownership and control of illicitly obtained assets and a report of its ongoing work to fight money laundering and terrorist financing, in particular in the area of virtual currencies/crypto assets.


New Task Force on Market Integrity and Consumer Fraud

The Department of Justice has announced the establishment of a new Task Force on Market Integrity and Consumer Fraud. The task force, which was formed pursuant to a Presidential Executive Order, will provide guidance for the investigation and prosecution of cases involving fraud on the government, the financial markets, and consumers, including cyber fraud and other fraud targeting the elderly, service members and veterans, and other members of the public; procurement and grant fraud; securities and commodities fraud, as well as other corporate fraud, with particular attention to fraud affecting the general public; digital currency fraud; money laundering, including the recovery of proceeds; health care fraud; tax fraud; and other financial crimes.


OCC alert on recurring funds scam

The OCC has issued Alert 2018-9 with a warning about a fictitious notification regarding the release of funds supposedly under the control of the OCC. Any communication claiming that the OCC is involved in holding any funds for the benefit of any individual or entity is fraudulent.

Consumers have reported receiving emails, some of which include a fictitious “Letter of Authorization” with a signature name of “Anhar Tonny Coptalen, Comptroller General Of The Currency.” The perpetrators may request, among other data, bank account information, including bank statements, with the purported purpose of making a large dollar deposit into the potential victim’s account.


FBI issues PSA on BEC scams

The FBI's Internet Crime Complaint Center (IC3) has posted a Public Service Announcement, Business E-mail Compromise - The 12 Billion Dollar Scam, providing an update and statistics on business email compromise (BEC) fraud. The PSA is an update and companion piece to an IC3 PSA issued May 4, 2017. Yesterday's PSA describes the use of BEC fraud in targeting real estate sector targets, and offers suggestions for protection from BEC attacks.


Counterfeit cashier's check alert from OCC

The OCC has issued an alert concerning a report from National United, Gatesville, Texas, that at least three variations of counterfeit cashier’s checks using the bank’s routing number are being presented for payment nationwide in connection with various online employment opportunity scams involving mystery shopping and automobile advertising wraps. Details of the alert, including a description of the counterfeits and scams, and contact information at the bank for verifying the authenticity of the bank's cashier's checks, can be found in our Alerts and Counterfeits pages.


OCC to host workshops in St. Louis

The OCC has announced it will host two workshops at the Magnolia Hotel St. Louis in St. Louis, Missouri, August 21-22, for directors of national community banks and federal savings associations. The Risk Governance workshop on August 21 will provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry. The Credit Risk workshop on August 22 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.


State designates al-Ashtar Brigades as foreign terrorist organization

Secretary of State Pompeo has published a notice designating al-Ashtar Brigades (AAB), a/k/a Saraya al-Ashtar, a foreign terrorist organization under section 219 of the Immigration and Nationality Act. OFAC has added AAB to its SDN List.


'Living wills' for foreign banks released

The Federal Reserve and the FDIC have released the public portions of four foreign banking organizations’ resolution plans -- commonly known as "living wills" -- submitted by July 1, as mandated by the Dodd-Frank Act.



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