Skip to content

Free Workshop - Build Your Action Plan For The New CDD Regulations (Boston, MA)  — You have until May of 2018 to create and implement your action plan to comply with the new CDD rules. Sound like a long time? It isn't! This FREE hands-on workshop will help prepare you for the new regulation. You'll come away with a to-do list to help your institution be prepared before the 2018 deadline. (Register here).

Top Story Security Related


OCC warns of scam

The OCC has issued Alert 2017-1 concerning a fictitious notification regarding the release of funds supposedly under the agency's control. Consumers have reported receiving phone calls indicating that the OCC is holding $11,000 on their behalf as a refund for illegal fees charged by their financial institutions. Any communication claiming that the OCC is involved in holding any funds for the benefit of any individual or entity is fraudulent. The OCC does not participate in the transfer of funds for, or on behalf of, individuals, business enterprises, or governmental entities.


SEC accuses investment advisor of stealing $5M from clients

The Securities and Exchange Commission announced on Friday it has filed a complaint in the U.S. District Court for the Southern District of New York charging an investment adviser representative with stealing approximately $5 million from client accounts by initiating unauthorized wire transfers and issuing checks to third parties to cover personal expenses. The SEC alleges that Barry Connell, who worked in the New Jersey office of an unnamed major financial institution, conducted more than 100 unauthorized transactions by using falsified authorization forms misrepresenting that he received verbal requests from the clients.


OFAC sanctions supporters of Iran missile program and Revolutionary Guard

OFAC has announced the imposition of sanctions against multiple entities and individuals involved in procuring technology and/or materials to support Iran’s ballistic missile program, as well as for acting for or on behalf of, or providing support to, Iran’s Islamic Revolutionary Guard Corps-Qods Force. For additional information see our OFAC update.


January FedFocus posted

Federal Reserve Bank Services has posted the January 2017 issue of FedFocus featuring an article marking the second anniversary of the release of the "Strategies for Improving the U.S. Payment System" paper. To commemorate another year of substantive industry progress and momentum across the payments industry, the Federal Reserve released "Strategies for Improving the U.S. Payment System – January 2017 Progress Report," which highlights accomplishments as well as plans for 2017.


CSBS offers BSA/AML self-assessment tool

The Conference of State Bank Supervisors has released an optional BSA/AML self-assessment tool that can be used by a financial institution to help in its risk assessment process. The tool is not a substitute for other parts of an institution's BSA/AML risk management program, but can be a supplement for such programs. The tool (available as a .ZIP file), instructions and a tutorial can be found on the CSBC Job Aids webpage. Before attempting to download the file, check with your IT security staff to determine whether .ZIP file downloads are permitted.


Prohibition notice issued by NCUA

The NCUA has announced it has issued a notice of prohibition under Section 205(d) of the National Credit Union Act (12 U.S.C. 1785(d)) to a former employee of Southern Mississippi Federal Credit Union in Hattiesburg, Mississippi, who had pleaded guilty to a charge of embezzlement.


Fed releases prohibition letters

The Federal Reserve Board has released nineteen Section 19 letters issued in July, August and September 2016. A Section 19 letter prohibits the named individual from becoming or continuing as an institution-affiliated party with respect to any insured depository institution, and is issued when a regulator is made aware that the individual has been convicted of a crime involving dishonesty or breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense. The prohibition requirement is found in Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. 1829, and is mirrored for insured credit unions in Section 205(d) of the National Credit Union Act, 12 U.S.C. 1785(d).


C&D order issued to North Carolina BHC

The Board of Governors of the Federal Reserve System issued a Cease and Desist Order to BB&T Corporation, Winston-Salem, North Carolina (BB&T), a registered bank holding company that owns and controls Branch Banking and Trust Company, Winston-Salem, North Carolina, a state-chartered bank. The most recent inspection of BB&T conducted by the Federal Reserve Bank of Richmond identified significant deficiencies in BB&T’s firm-wide compliance program with respect to compliance with the BSA/AML requirements.


Payment system progress report released

The Federal Reserve System has released a progress report outlining accomplishments and anticipated steps moving forward related to the ongoing initiatives to enhance the speed, efficiency and security of the U.S. payment system. The report highlights collaborative efforts in support of five strategies outlined in the January 2015 publication of Strategies for Improving the U.S. Payment System.


Written agreement with South Korean bank

Nonghyup Bank, Seoul, Korea, and its New York City branch have executed a written agreement with the Federal Reserve Bank of New York. A recent examination of the branch identified deficiencies relating to the branch’s risk management and compliance with applicable federal and state laws, rules, and regulations relating to anti-money laundering compliance, including the Bank Secrecy Act rules and regulations.


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