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The Bureau has released an Identity Theft Protection Guide that shares steps to help protect personal information.

• CFPB Blog article

A previously issued FinCEN advisory to alert financial institutions to continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption has been updated. In addition to outlining the corrupt looting of Venezuela’s government-sponsored food distribution program, the advisory provides and updates a number of financial red flags to assist in identifying and reporting suspicious activity that may be indicative of corruption.

• Updated advisory (FIN-2019-A002), May 3, 2019.
• FinCEN press release

OFAC has announced an $871,837 settlement with MID-SHIP Group, LLC, a global, commercially sophisticated shipping and logistics company headquartered in Port Washington, NY. MID-SHIP agreed to the payment to settle its potential civil liability for five apparent violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations by processing give electronic funds transfers totaling $472,861, that pertained to payments associated with blocked vessels identified on OFAC's SDN List. MID-SHIP did not voluntarily self-disclose the transactions and the apparent violations were considered egregious by OFAC.

For more information, see MID-SHIP Group LLC settles with OFAC for $872K, in BankersOnline's Penalty pages.

OFAC has published A Framework for OFAC Compliance Commitments to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program. The document also outlines how OFAC may incorporate these components into its evaluation of apparent violations and resolution of investigations resulting in settlements. An appendix offers a brief analysis of some of the root causes of apparent violations of U.S. economic and trade sanctions programs OFAC has identified during its investigative process.​

The Federal Reserve Board has issued a Consent Order of Prohibition to a former executive vice president and chief marketing officer of Centennial Bank, Lubbock, Texas, a former state member bank. The former banker was found to have submitted altered invoices to the Bank’s accounts payable department to obtain reimbursements for personal expenses and used a Bank-issued credit card for personal expenses, causing a loss of $69,450.49 to the bank. He was "separated from employment" in May 2013, but made full restitution.

The Treasury Department has posted an important Technical Notice for users of the OFAC website and sanctions lists data files. The existing certificate (expiring June 6, 2019) will be replaced on May 16, 2019 at 9 p.m. Please call this notice to the attention of your IT staff or your vendor if they download OFAC's sanctions list information.

The OCC will host two workshops in Lexington, Kentucky, at the Four Points by Sheraton Lexington, June 4 and 5, for directors of OCC-supervised banks.

• The "Credit Risk: Directors Can Make a Difference" workshop on June 4 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 "Compliance Risk" workshop on June 5 addresses the critical elements of an effective compliance risk management program. The workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Flood Disaster Protection Act, Fair Lending, Home Mortgage Disclosure Act, Community Reinvestment Act, and other compliance hot topics.

OCC workshops are limited to 35 registrants, at a cost of $99. Registration is available at www.occ.gov/occworkshops.

The April 2019 issue of FDIC Consumer News focuses on protecting seniors from financial abuse. It includes tips to help seniors protect their own finances, and tips for their family and friends on being aware of the many ways in which older persons may be financially exploited.

The OCC has opened a 45-day public comment period on a proposed Innovation Pilot Program. The program would be voluntary and designed to provide eligible entities with regulatory input early in the testing of innovative activities that could present significant opportunities or benefits to consumers, businesses, financial institutions, and communities.

Entities eligible for the proposed program would be OCC-supervised financial institutions, including those engaging a third party to offer the innovative product, service, or process. Entities may propose a pilot individually or as a collaborative effort such as a consortium or utility. An FAQ regarding the Program was also posted.

Comments on the proposed program should be sent to pilotprogram@occ.treas.gov by June 14, 2019.

• Press release
• OCC Innovation Pilot Program
• Pilot Program FAQ

The FTC and the state of Ohio are sending refund checks totaling more than $92,000 to victims of a tech support scam that tricked people into believing their computers were infected with viruses and malware, and then charged them hundreds of dollars for unnecessary repairs. The FTC is mailing 222 checks averaging $417 to victims of a tech support scheme which operated under a variety of names including Repair All PC, Pro PC Repair, I Fix PC, WebTech World, Online Assist, Datadeck, and Techers247.

• Press release