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09/06/2019

CFPB offers 'relative' scam call tips

The Bureau has posted an article offering tips regarding scam calls that purport to be from a relative:

  • Don’t panic! Take a deep breath and get the facts.
  • Don’t send money unless you’re sure it’s the real person who contacted you. Hang up and call your grandchild or friend’s phone number to see if the story checks out. You could also call a different friend or relative to confirm the facts
  • Is the person asking for gift cards? This is a sign that it may be a scam, because gift cards usually won’t help when someone is in real need of assistance.

09/06/2019

FATF Iceland compliance report

The Financial Action Task Force has issued a report on Iceland’s progress in strengthening measures to tackle money laundering and terrorist financing.

09/06/2019

OFAC Iran FAQs updated and expanded

OFAC has posted a notice that it has updated and expanded its Iran-related FAQs.

Existing FAQ 296 has been updated and new FAQs on bunkering of non-Iranian and Iranian vessels carrying goods to or from Iran have been published.

09/05/2019

FATF report on Hong Kong AML measures

The Financial Action Task Force (FATF) has issued its report regarding Hong Kong, China’s measures to combat money laundering and terrorist financing.

09/05/2019

Options Clearing Corp pays $20M per SEC order

The SEC and the Commodity Futures Trading Commission have announced that the Options Clearing Corporation (OCC) will undertake remedial efforts and pay $20 million in penalties to settle charges that it failed to implement policies to manage certain risks as required by U.S. laws and SEC and CFTC rules.

09/05/2019

OFAC tags terrorists' shipping network

Treasury has announced that OFAC has taken action against a large shipping network that is directed by and financially supports the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its terrorist proxy Hizballah. Senior IRGC-QF official and former Iranian Minister of Petroleum Rostam Qasemi oversees this sprawling network, which features dozens of ship managers, vessels, and facilitators. This complex network of intermediaries enables the IRGC-QF to obfuscate its involvement in selling Iranian oil. The IRGC-QF also relies heavily on Hizballah officials and front companies to broker associated contracts. OFAC also is issuing a new shipping advisory to the maritime community warning of these types of schemes and the sanctions risks associated with blocked persons.

OFAC announced the designation of some 16 entities and 10 individuals pursuant to E.O. 13224, and identified 11 vessels as property in which blocked persons have an interest. For identification details, see BankersOnline's OFAC Update.

09/04/2019

FATF issues report on Greece

The Financial Action Task Force (FATF) has issued a report on its assessment of Greece’s anti-money laundering and counter terrorist financing (AML/CFT) system that indicates Greece has the foundations for effective action against money laundering and terrorist financing. However, it needs to improve prosecution of these crimes and focus more on the risks that face the non-financial sector.

09/04/2019

FinCEN welcomes Associate Director

FinCEN welcomed AnnaLou Tirol on Tuesday as its new Associate Director to lead its Liaison Division. This division designs and implements strategic partnerships across the financial industry, with partners in the U.S. government, and with foreign counterparts. It conducts operational information sharing among domestic and foreign partners, including in crisis situations, and conducts training and inspections to ensure effective use and protection of the sensitive Bank Secrecy Act data that FinCEN collects, protects, analyzes, and shares.

09/04/2019

OFAC publishes Nicaragua sanctions regs

OFAC has announced it has issued regulations to implement Executive Order 13851 of November 27, 2018 ("Blocking Property of Certain Persons Contributing to the Situation in Nicaragua"). These regulations (31 CFR part 582) are effective with today's publication at 84 FR 46440 in the Federal Register. OFAC intends to supplement part 582 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy.

OFAC also updated its SDN List, adding three Iranian entities subject to secondary sanctions under OFAC's Iran-related and Non-proliferation of weapons of mass destruction programs, and updating a Kingpin Act listing of a Mexican national. See BankersOnline's OFAC Update for details.

09/03/2019

Dorian-related closures authorized

The OCC has issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Dorian in the southeast region of the United States to close.

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