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OFAC targets Cuban supporter of Maduro regime

On Wednesday, the Department of the Treasury announced OFAC had designated Cubametales, the Cuban state-run oil import and export company, for its continued importation of oil from Venezuela. Cuba, in exchange for this oil, continues to provide support, including defense, intelligence, and security assistance, to the illegitimate regime of former President Nicolas Maduro.

OFAC also delisted PB Tankers S.p.A. and its vessels. PB Tankers ended its charter agreement with Cubametales and took other steps to increase scrutiny of its business operations to prevent future sanctionable activity.

For identity information on Cubametales and on the listings removed by OFAC, see BankersOnline's OFAC Update.


IRS to allow SSN truncation on W-2 forms

The IRS has issued final regulations [84 FR 31717] amending applicable sections of the Internal Revenue Code to permit employers to voluntarily truncate employees' social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, that are furnished to employees so that the truncated SSNs appear in the form of IRS truncated taxpayer identification numbers (TTINs). The amendments are effective upon publication, but will apply to returns, statements, and other documents required to be filed or furnished after December 31, 2020.


OFAC adds to its SDN List

The names of an individual and an entity have been added to OFAC's SDN List under its anti-terrorism program. A listing for another entity under that program was also updated. For details, see BankersOnline's OFAC Update.


FATF presidency changes

Xiangmin Liu of the People's Republic of China assumed the position of President of the Financial Action Task Force on July 1, 2019. He succeeded Marshall Billingslea of the United States. Mr. Liu currently serves as Director-General of the Legal Department at the People’s Bank of China, China’s central bank. In this role, he is responsible for developing many of China’s key financial sector laws, regulations and policies


OFAC reminder of blocked property reporting

OFAC has posted a reminder about the Annual Report of Blocked Property that banks hold as of June 30 each year. The report is due by September 30.

Starting with this year, the annual reports must be filed using the new spreadsheet form TD-F 90-22.50, and emailed to OFAC provides Guidance on Filing the Annual Report of Blocked Property.


FDIC prohibition orders released

The FDIC has released a list of enforcement actions executed in May 2019. Included were five Removal/Prohibition Orders issued to:

  • a former branch sales manager of Tri-State Bank of Memphis, Memphis, Tennessee, who was found to have embezzled funds from customers' dormant accounts
  • a former branch manager of Great Western Bank, Sioux Falls, South Dakota, who was found to have made multiple unauthorized withdrawals from customer accounts, made off-book loans using customer funds, diverted bank and customer funds to her own use and benefit, and falsified bank records and documents
  • a former vice president and branch manager of Apple Bank fo Savings, Manhasset, New York, who was found to have falsified bank records to establish lines of credit for uncreditworthy borrowers, secure those lines of credit with deposits of other Apple Bank customers without authorization; and to have diverted funds from one bank customer's account to another unrelated bank customer
  • a former employee of American Exchange Bank, Henryetta, Oklahoma, found to have embezzled $177,375 from the bank for her own use
  • a former employee of Ocean Bank, Miami, Florida, found to have made unauthorized withdrawals totaling $10,390 from the accounts of two bank customers


Maduro's son designated

A Treasury Department news release reports that OFAC has designated the son of Venezuela’s illegitimate regime leader Nicolas Maduro Moros. This action, taken under Executive Order 13692, targets Nicolas “Nicolasito” Ernesto Maduro Guerra for being a current or former official of the Government of Venezuela. Maduro Guerra is a member of Venezuela’s illegitimate National Constituent Assembly, also known as the Asamblea Nacional Constituyente or ANC. For further identification information on Maduro Guerra, see BankersOnline's OFAC Update.


Maduro officials designated by OFAC

OFAC has announced the designation of two Maduro regime officials who continue to engage in significant corruption and fraud to the detriment of the people of Venezuela. The action targets the former minister of Electric Power and President of the National Electric Corporation, Luis Alfredo Motta Dominguez, and the Deputy Minister of Finance, Investments, and Strategic Alliances for the Ministry of Electric Power, Eustiquio Jose Lugo Gomez

The U.S. Attorney’s Office for the Southern District of Florida and the Justice Department’s Criminal Division have indicted Motta and Lugo for their alleged roles in laundering the proceeds of violations of the Foreign Corrupt Practices Act (FCPA) and Venezuelan anti-bribery law in connection with their alleged receipt of bribes to award CORPOELEC business to U.S.-based companies.

For identification information for Motta and Lugo, see BankersOnline's OFAC Update.


OFAC updates North Korea sanctions regs

OFAC has published [84 FR 30868] amendments to its North Korea Sanctions Regulations at 31 CFR part 510 to update references to descriptive text that appears in certain entries on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) and the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (CAPTA List). The amendments are effective today.


Elder financial abuse prevention webinar announced

The FDIC and the CFPB are co-hosting a webinar to outline strategies to address and prevent elder financial abuse. The webinar will focus on the benefits of appropriate collaboration between financial institutions and law enforcement regarding this issue, and will provide financial institutions with resources and strategies to develop strategic relationships. The webinar will also discuss the unique challenges involved in detecting and preventing elder financial abuse, will explain how Suspicious Activity Report (SAR) filings can be used to combat it, and cover Money Smart for Older Adults.

  • When: July 25, 2019, from 2:00 p.m. to 3:00 p.m. ET.


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