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Free Webinar: CDD/Beneficial Ownership — One Year Out
Thursday, May 11th - 1:00 PM CT

We're almost one year out from the new Customer Due Diligence (CDD) rule's deadline. Join us as we discuss all things CDD, including policies, procedures and training. We will help you prepare and discuss what steps your core, new account platform and AML software vendors are taking now to ensure you're compliant by May 2018. (Register here.)

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FinCEN advisory on FATF-identified jurisdictions

FinCEN has issued Advisory FIN-2017-A002 to financial institutions regarding the Financial Action Task Force's (FATF) updated list of jurisdictions with strategic anti-money laundering/counter-terrorist financing (AML/CFT) deficiencies. The changes reported by FATF may affect U.S. financial institutions' obligations and risk-based approaches regarding relevant jurisdictions.


OCC workshops scheduled in Des Moines

The OCC will host two workshops at the Holiday Inn Des Moines Downtown-Mercy Area, Des Moines, Iowa, May 9-10, for directors of national community banks and federal savings associations supervised by the OCC. The Risk Governance workshop on May 9 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC's approach to risk-based supervision and major risks in the financial industry. The Credit Risk workshop on May 10 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.


Richmond Reserve Bank president resigns

Bloomberg Markets has published the text of a letter of resignation by Richmond Federal Reserve Bank President Jeffrey Lacker. Dr. Lacker, who had earlier stated his intent to retire this year, said that his resignation was immediate, after admitting to an unintentional October 2012 breach of two Federal Open Market Committee confidentiality policies. The Richmond Federal Reserve Bank and the Federal Reserve Board of Governors posted brief statements following Dr. Lacker's resignation.


Prohibition notices issued by NCUA

The NCUA has issued two notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution.


North Korean WMD agents sanctioned by OFAC

OFAC has designated one entity and 11 individuals in response to North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions (UNSCRs). The action targets North Korean nationals working as agents of the regime in Russia, China, Vietnam, and Cuba to provide financial support or WMD procurement services for UN- or U.S.-designated sanctioned entities. The names have been added to the OFAC SDN list with North Korea, non-proliferation and/or counter narcotics designations, along with removals and an update. See BankersOnline's OFAC Update for the details.


Alert on fake emails appearing to be from OCC

The OCC has published Alert 2017-4 indicating that consumers have reported receiving fictitious e-mail messages, allegedly initiated by the OCC, regarding funds purportedly under the control of the OCC. 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. See the Alert text for additional information regarding contacting the OCC if an email is received.


Treasury and State sanction terrorism facilitators

OFAC has announced it has taken action to disrupt the Islamic State of Iraq and Syria's (ISIS) global financial and facilitation networks by designating two individuals as Specially Designated Global Terrorists pursuant to Executive Order (E.O.) 13224. The individuals designated are Syria- and Iraq-based ISIS members who provide financial and operational support for ISIS's recruitment and attack plotting in Indonesia, Malaysia, and elsewhere in Southeast Asia. The State Department also designated five individuals under E.O. 13224. As a result of those actions, all property and interests in property of the seven individuals subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

For additional information, see our OFAC Update.


FinCEN proposing to extend requirement for programs for correspondent accounts for foreign banks

FinCEN has published in today's Federal Register a request for comment on a proposed renewal, without change, to an information collection found in existing regulations requiring U.S. financial institutions to establish due diligence policies, procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts that U.S. financial institutions establish or maintain for certain foreign financial institutions. The proposal would extend the requirements titled "Anti-Money Laundering Programs and Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions" (31 CFR 1010.610). Comments will be accepted for 60 days, through May 29, 2017.


FATF reports some AML/CFT progress

As part of its on-going review of compliance with AML/CFT standards, the FATF has identified jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The identified jurisdictions are Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu, and Yemen.


FATF recommends North Korea counter-measures

In a public statement identifying jurisdictions with strategic deficiencies in anti-money laundering/countering the financing of terrorism measures, the FATF continues to call on countries to apply counter-measures to the Democratic People's Republic of Korea.


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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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