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Banker's Toolbox Releases Innovative New Business Intelligence Solution  —
Banker's Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions, has launched innovative business intelligence software called Relationship Manager. Relationship Manager is a revolutionary tool that can utilize an institution's investment in BSA/AML transaction monitoring to address the challenges of cross-sell and retention. It scans an institution's transactional data to detect patterns that indicate cross-sell or retention opportunities as they occur, giving financial institutions a competitive advantage. (Read more.)

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Counterfeit cashier's checks alert

The OCC has issued an alert concerning counterfeit cashier's checks in circulation purporting to have been issued by The Oculina Bank, Vero Beach, Florida. For details, see our Alert page.


FATF dialogues with private sector

The Financial Action Task Force (FATF), civil society, and private sector representatives met in Vienna for a constructive discussion on a range of key issues which included information sharing, correspondent banking, remittances and de-risking. A dialogue was also held on FinTech and RegTech in Vienna as part of the FATF Private Sector Consultative Forum. This dialogue built upon the FATF’s previous engagement with the private sector at sessions held in Paris in February 2017.


New materials on security and design of FR notes

FRB Financial Services has reported that the U.S. Currency Education Program has designed two new materials to help you and your customers become familiar with the security and design features of Federal Reserve notes. Both materials are provided free of charge.


New payment card working paper released

The Federal Reserve Bank of Philadelphia's Payment Cards Center has posted a new working paper, "How Data Breaches Affect Consumer Credit," on its webpage. The authors use the 2012 South Carolina Department of Revenue data breach as a natural experiment to study how data breaches and news coverage about them affect consumers' interactions with the credit market and their use of credit.


FTC report on combatting fraud

The Federal Trade Commission reported yesterday on testimony presented to a Senate subcommittee on the Commission's efforts to fight fraud.


SDGTs added to OFAC list

Treasury’s Office of Foreign Assets Control (OFAC) has added the names of two individuals designated as SDGTs to the OFAC List. See BOL's OFAC Update for the details.


OFAC sanctions Kuwait-based terrorist financier

OFAC has announced it has taken action against al-Nusrah Front (ANF) and al-Qa'ida (AQ) facilitator Muhammad Hadi al-'Anizi (al-'Anizi). The Kuwaiti-based terrorist financier is being designated as a Specially Designated Global Terrorist (SDGT) pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. As a result of today’s action, all property and interests in property of al-'Anizi subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with him. See our OFAC Update for additional information.


Enhancements to Money Smart for Older Adults curriculum

The FDIC has announced enhancements to its Money Smart for Older Adults curriculum that provide new information and resources to help older adults and their caregivers avoid financial exploitation through fraud and scams. Money Smart for Older Adults identifies common types of elder financial exploitation, such as imposter scams and identity theft, and is designed to inform adults age 62 or older and their caregivers about ways to prevent, identify, and respond to financial exploitation. Also included is information on how older adults can plan for a secure financial future and make informed financial decisions. Money Smart for Older Adults was developed jointly by the FDIC and the Consumer Financial Protection Bureau (CFPB) in response to the financial exploitation of senior citizens.


SEC charges former credit card executives with scheme to steal millions

The Securities and Exchange Commission has announced it has filed a complaint charging two former executives at a credit card processing company with masterminding a fraudulent scheme to steal millions of dollars through phony expense reimbursements, inflated invoices, and other improper accounting tactics. The complaint alleges that iPayment’s then-senior vice president of sales and marketing Nasir N. Shakouri and then-executive vice president and chief operating officer Robert S. Torino routinely reimbursed themselves for payments that were never actually made to third-party vendors using their personal credit cards. They also allegedly conspired with vendors to inflate invoices and receive kickbacks from the overpayments, and claimed improper commissions and bonuses related to other corporate funds they improperly diverted in various way. Three other executives were also charge with participating in the scheme.


FinCEN SAR Stats bulletin released

Issue 3 of SAR Stats has been released by FinCEN. SAR Stats (formerly By the Numbers) is a compilation of numerical data gathered from the FinCEN Suspicious Activity Reports (Form 111) filed by financial institutions. SAR Stats is published as a full report once a year.


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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

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