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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 purporting to have been issued by Community Bank of Texas (the bank's name is CommunityBank of Texas, National Association) that have been distributed nationwide in connection with online job opportunity and auction scams. See our Alerts and Counterfeits page on OCC Alert 2017-2 for details.


FTC annual survey of consumer complaints

The Federal Trade Commission has released its annual summary of consumer complaints. Debt collection complaints remained the top category, but imposter scam complaints ranked second, replacing identity theft, which dropped to third.


OCC workshops for directors scheduled for Phoenix

The OCC has announced it will host two workshops at the Crowne Plaza Phoenix Airport in Phoenix, Arizona, April 11-12, for directors of national community banks and federal savings associations supervised by the OCC.

  • The Credit Risk workshop on April 11 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.
  • The Operational Risk workshop on April 12 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.


Prohibition notices issued by NCUA

NCUA issued six notices of prohibition in February to individuals who had previously been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution. When they pleaded guilty or were convicted, the six former credit union employees had been ordered to make restitution payments of from $6,000 to $1.9 million.


Medical company settles with OFAC

OFAC has announced a $515,400 settlement with United Medical Instruments, Inc. (“UMI”), a company incorporated in California. UMI agreed to settle its potential civil liability for 56 alleged violations of the Iranian Transactions and Sanctions Regulations. The alleged violations occurred between 2007 and 2009 when UMI made sales of medical imaging equipment with knowledge or reason to know that the goods were intended specifically for supply or re-exportation to buyers located in Iran, and when it facilitated the sales of medical imaging equipment from a company located in the United Arab Emirates to Iran. For more information, see our OFAC Update.


FTC forum on artificial intelligence and blockchain tech

The Federal Trade Commission has released the agenda for its March 9, 2017, FinTech Forum on the consumer implications of two rapidly developing technologies: artificial intelligence and blockchain. The half-day forum will begin at 9 a.m. Pacific time and feature two panel discussions. The first panel will focus on the potential benefits and risks for consumers with the use of artificial intelligence, which involves the capability of machines to mimic human thinking or actions such as learning and problem solving, in consumer products or services, including personalized financial services. The second panel will examine the potential applications and consumer implications of blockchain, a technology for recording electronic transactions utilizing distributed ledger technology, including uses both within and beyond payments services.


California bank gets BSA/AML penalty

FinCEN and the OCC have announced their assessment of civil money penalties totaling $7 million on Merchants Bank of California, Carson, California, for significant willful violations of the Bank Secrecy Act. The OCC imposed a $1 million CMP for violations of previous consent orders and other violations. FinCEN levied a $7 million penalty, accepting the payment of the OCC's penalty as credit toward the FinCEN fine. The $7 million payment represents approximately 40% of the bank's capital, per its September 30, 2016, Call Report. For further information on these enforcement actions against the bank, see "Merchants Bank of California, N.A.," in our penalties pages.


FATF plenary report

The outcomes of the February 22–24, 2017, plenary meeting of the Financial Action Task Force (FATF) have been released. The FATF is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.


OFAC sanctions al-Nusrah Front leaders

OFAC has announced it has taken action against two al-Nusrah Front (ANF) leadership officials, Iyad Nazmi Salih Khalil (Khalil) and Bassam Ahmad al-Hasri (al-Hasri). Both individuals, based in Syria, are being designated pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. OFAC also designated Syrian-based Metallic Manufacturing Factory (MMF) for acting for or on behalf of a designated entity, Mechanical Construction Factory. Finally, OFAC announced the removal of several listings from the SDN List.

For further information, see our OFAC Update.


OFAC offers compressed SDN file

OFAC has posted a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download the information. This new file compresses the SDN.XML file by approximately 92%.


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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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