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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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Fed banned six bankers in January

The Federal Reserve Board has posted the names of six former bankers who were issued prohibition letters during January 2019. Four of those listed were formerly employed by Sun Trust Bank, one by BBVA Compass Bank, and one by Regions Bank.


OFAC designates two shipping companies

Treasury has announced that OFAC has designated two shipping companies that have helped North Korea evade sanctions. Both companies are based in China. In a related action, OFAC, along with the U.S. Department of State and the U.S. Coast Guard, is updating the North Korea shipping advisory and adding dozens of vessels that are believed to have engaged in ship-to-ship (STS) transfers with North Korean tankers or exported North Korean coal.

For identifying information on the shipping companies and a link to the updated shipping advisory, see our OFAC Update


Congolese officials sanctioned for election violations

OFAC has announced it has sanctioned three senior Democratic Republic of the Congo (DRC) officials pursuant to Executive Order 13413, as amended by E.O. 13671, which authorizes sanctions in light of actions or policies that undermine democratic processes or institutions in the DRC. For identification information, see our OFAC Update.


Notice for users of OFAC’s Sanction List data files

OFAC has posted an important technical notice for users of its Sanctions List data files. It involves the methods used to access those files. We suggest you share this information with anyone in your institution or service provider whose responsibilities include access the OFAC data files.


OCC permits closings in flood-affected areas

The OCC has issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe flooding in the Central Plains and Midwest to close. OCC Bulletin 2012-28, “Supervisory Guidance on Natural Disasters and Other Emergency Conditions” (September 21, 2012), provides guidance on actions bankers could consider implementing when their bank or savings association operates or has customers in areas affected by a natural disaster or other emergency.


OFAC targets Venezuela's gold mining company

On Tuesday, OFAC designated CVG Compania General de Mineria de Venezuela CA, or Minerven, the Venezuelan state-run ferrous metals mining company, and its President, Adrian Antonio Perdomo Mata, targeting the illicit gold operations that have continued to prop up the illegitimate regime of former President Nicolas Maduro. Tuesday’s action, taken under Executive Order 13850, targets an entity and an individual that operate in the gold sector of the Venezuelan economy.

As a result of Tuesday’s action, all property and interests in property of this entity and individual, and of any entities that are owned, directly or indirectly, 50 percent or more by this entity and individual, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. OFAC’s regulations generally prohibit all dealings by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons.

Identification information on Minerven and Perdomo Mata is available in our OFAC Update, which also includes OFAC's updates to, and several deletions from, the SDN List, all related to OFAC's Venezuela-related sanctions.


Members of new payment systems fraud group named

The Federal Reserve Board has announced the 22 members of its Fraud Definitions Work Group, part of an initiative to advance the Federal Reserve's strategy for improving the U.S. payment system. The group members will work collaboratively with Federal Reserve leaders to formulate recommendations for improving the quality and consistency of ACH, wire, and check fraud data.


FinCEN replaces Part 561 List with CAPTA List

OFAC has posted an announcement that it is replacing its List of Foreign Financial Institutions Subject to Part 561 with the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (the “CAPTA List”).

The CAPTA List contains identifying information of foreign financial institutions for which the opening or maintaining of a correspondent account or a payable-through account in the United States is prohibited or is subject to one or more strict conditions. The specific strict conditions or prohibitions to which the foreign financial institutions are subject include the Ukraine Freedom Support Act of 2014, as amended by the Countering America's Adversaries Through Sanctions Act (CAATSA), the North Korea Sanctions Regulations, 31 C.F.R. part 510, the Iranian Financial Sanctions Regulations, 31 C.F.R. Part 561, which were identified on OFAC's now defunct Part 561 List, and the Hizballah International Financing Prevention Act of 2015, which would be identified on the Hizballah Financial Sanctions Regulations List (the “HFSR List”).

The CAPTA List is not part of the Specially Designated Nationals (SDN) List. Information that appears on the CAPTA list will be included in the data formats associated with the Consolidated Sanctions List.


PwC pays $335M to settle FDIC negligence claims

The FDIC as Receiver for Colonial Bank (FDIC) has announced a $335 million settlement with PricewaterhouseCoopers LLP (PwC) related to professional negligence claims brought by the FDIC against PwC arising out of the audits of Colonial Bank, Montgomery, Alabama, which failed on August 14, 2009, with $25.5 billion in assets and a loss to the Deposit Insurance Fund estimated at $2.958 billion as of December 31, 2017.

FDIC Board member Martin Gruenberg filed a statement on his dissent from the settlement, because it did not include a written statement of liability by PwC.


Comptroller’s Handbook updated

OCC Bulletin 2019-13, issued Friday, announced the update of the “Recovery Planning” booklet of the Comptroller’s Handbook. The booklet explains effective recovery planning under 12 CFR 30, appendix E, “OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches.” This updated booklet replaces a similarly titled booklet issued in April 2018.


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