Skip to content

Free Webinar: The State of Sanctions
Thursday, June 8th - 1:00 PM CT

The sanctions landscape is evolving - exposing institutions to greater sanctions risks, operational and oversight challenges, and obligations to comply with sanctions administered by OFAC and other agencies. OFAC expert, Tim White, will address these issues and what you need to be aware of moving forward. (Register here.)

Top Story Security Related


Counterfeit cashier’s checks of Texas bank

The OCC has issued an alert concerning at least eight variations of counterfeit cashier’s checks using the correct routing number of Legend Bank, NA, Bowie, Texas, that are being presented for payment nationwide in connection with a variety of online scams. See our Alerts & Counterfeits page for details.


Major Mexican heroin trafficking organization targeted by OFAC

OFAC has announced it has identified Mexican national Jose Luis Ruelas Torres and the Ruelas Torres Drug Trafficking Organization (Ruelas Torres DTO) as Significant Foreign Narcotics Traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Jose Luis Ruelas Torres is the leader of the Ruelas Torres DTO, a family-based, independent opium and heroin production and distribution organization that smuggles multi-kilogram heroin quantities into the United States. OFAC is also designating ten key Ruelas Torres DTO associates as Specially Designated Narcotics Traffickers pursuant to the Kingpin Act for their role in the organization. For identification information see our OFAC Update.

As a result of this action, all assets of those designated that are based in the United States or that are in the control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. Penalties for violations of the Kingpin Act range from civil penalties of up to $1,437,153 million per violation to more severe criminal penalties. Criminal penalties for corporate officers may include up to 30 years in prison and fines of up to $5 million. Criminal fines for corporations may reach $10 million. Other individuals could face up to 10 years in prison and fines pursuant to the Title 18 of the United States Code for criminal violations of the Kingpin Act.


FTC ID theft conference today

The U.S. Federal Trade Commission will host an all-day conference today, May 24, 2017, from 9 am to 4 pm ET, to take a comprehensive look at how identity theft has evolved over the last decade and what can be done to address this challenge in the future. The conference will be webcast.


U.S. and Saudi Arabia to chair Terrorist Financing Targeting Center

The United States and Saudi Arabia have announced the execution of a memorandum of understanding by the U.S., the Saudis and five Gulf States to establish the Terrorist Financing Targeting Center (TFTC), a collaborative approach to confronting new and evolving threats arising from terrorist financing. The TFTC represents a new and creative response that leverages existing tools and formalizes cooperation between the United States, Saudi Arabia and partners in the Gulf to counter terrorist financing.


Former Barclays trader fined and banned

The Federal Reserve Board has announced it has finalized administrative proceedings against Christopher Ashton, a former institution-affiliated party of Barclays Bank PLC, London, England, ordering that he pay a civil money penalty of $1.2 million and be permanently banned from employment in the banking industry. The enforcement proceedings against Ashton follow the Board's May 2015 enforcement actions against Barclays for unsafe and unsound practices related to its compliance and control failures concerning its practices in the FX markets. The Board at that time required Barclays to pay $342 million in penalties.


OFAC targets al-Qa'ida in Arabian Peninsula

OFAC has announced that it has targeted al-Qa’ida in the Arabian Peninsula (AQAP) leaders and facilitators by imposing sanctions on two individuals. Specifically, OFAC designated Hashim Muhsin Aydarus al-Hamid (al-Hamid) and Khalid Ali Mabkhut al-Aradah (al-Aradah), both Yemen-based tribal leaders who facilitated the transfer of weapons and money and the movement of individuals in support of AQAP. Those actions were taken Friday in conjunction with the State Department's designation of Hashem Safieddine, a senior leader in Hizballah, and Muhammad al-Isawi, the leader of ISIS - Sinai. As a result of Friday’s actions, all property and interests in property of these persons subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For more information, see our OFAC Update.


OFAC sanctions Venezuelan judges

The Office of Foreign Assets Control has added the names of the eight members of Venezuela's Supreme Court of Justice (Tribunal Supremo de Justicia or TSJ} to its list of designated foreign nationals under Executive Order 13692. The eight officials are the President of Venezuela's TSJ, Maikel Jose Moreno Perez, and the seven principal members of the TSJ's Constitutional Chamber (La Sala Constitucional del TSJ or TSJ-C): Juan Jose Mendoza Jover (Second Vice President of the TSJ and President of the TSJ-C); Arcadio de Jesus Delgado Rosales (Vice President of the TSJ-C); Gladys Maria Gutierrez Alvarado (Magistrate of the TSJ-C and former President of the TSJ); Carmen Auxiliadora Zuleta de Merchan (Magistrate of the TSJ-C); Luis Fernando Damiani Bustillos (Magistrate of the TSJ-C); Lourdes Benicia Suarez Anderson (Magistrate of the TSJ-C); and Calixto Antonio Ortega Rios (Magistrate of the TSJ-C). As a result of today's actions, all of the designated individuals' assets within U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For further information and identification details, see our OFAC Update.


Counterfeit cashier's checks on Ohio bank

The OCC has issued Alert 2017-5 concerning counterfeit cashier's checks purporting to have been issued by Consumers National Bank, Minerva, Ohio. See our Alerts and Counterfeits page for details.


Iran missile program draws more OFAC designations

Yesterday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated seven targets in connection with Iran's ballistic missile program. OFAC designated two senior Iranian defense officials, including a defense official who facilitated the sale of explosives and provided other support to Syria and the director of the organization responsible for Iran's solid-fueled ballistic missile program. In addition, OFAC designated a China-based network that is supporting Iran's military by supplying millions of dollars' worth of missile-applicable items and an Iran-based entity that is assisting Iran's ballistic missile program. Yesterday's actions were taken pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction and their means of delivery and supporters of such activity. These sanctions underscore the United States' concern with Iran's continued development and testing of ballistic missiles. For identifying information, see our OFAC Update.


FCC proposes changes to TCPA rules

The Federal Communications Commission has published [82 FR 22625] a proposed rule that would amend the FCC's rules implementing the Telephone Consumer Protection Act and the agency's call completion rules. The Commission's proposal would codify the clarification contained in 2016 Guidance that providers may block calls when the subscriber to a particular telephone number requests that calls originating from that number be blocked; and would permit providers to block calls under a number of other circumstances. These efforts would augment providers' ability to prevent unwanted robocalls. Comments on the proposal will be accepted for 75 days, through July 31, 2017.


Training View All

UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

Penalties View All

Search Top Stories