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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.


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09/30/2019

FDIC August enforcement actions

The FDIC has released a list of administrative enforcement actions taken against banks and individuals in August (and one issued in July).

  • A Burnet, Texas, bank was ordered to pay $21,700 for a pattern or practice of flood insurance-related violations
  • A former chief financial officer of The Bank of Oswego, Lake Oswego, Oregon, was issued an adjudicated order to pay a civil money penalty of $175,000 and an order of prohibition for having approved the use of $675,000 in bank funds to pay for a customer's wire transfer and facilitating a $1.7 million loan to cover the transfer, aiding an abetting an improper straw buyer transaction involving bank-foreclosed property and failing to protect the bank's collateral position ion that property, following repeated appeals and delays caused by the former banker
  • The former president and CEO of AztecAmerica Bank, Berwyn, Illinois, consented to an order to cease and desist and and order to pay a civil money penalty of $25,000, for causing the bank to inject money into its holding company by approving payments by the bank to two of its employees for the purpose of enabling them to purchase stock in the holding company, resulting in a loss to the bank.
  • The former chief financial officer of Crown Bank, Edina Minnesota, was issued an order to cease and desist and an order to pay a $10,000 civil money penalty for assisting the former CEO of the bank in conducting and obscuring transactions in violation of Regulation O, and failing to stop or report the CEO's theft of funds from a third party's bank deposit account.
  • The former president and cashier of Commercial Bank of Oak Grove, Oak Grove, Missouri, was issued an adjudicated order to cease and desist and to pay a $15,000 civil money penalty for altering account statements of the bank's correspondent account at another bank, overstating the balance in that account, resulting in losses exceeding $500,000.

09/27/2019

Fed bans former Virginia banker

The Federal Reserve Board announced yesterday it has issued a consent prohibition order to a former branch manager of Highlands Union Bank, Abingdon, Virginia, for violating lending policies for her own benefit by generating loans for relatives and for her own benefit, and failing to send the loans to the bank's loan operations department for booking.

09/27/2019

OFAC targets scheme to support Russian forces in Syria

OFAC has reported it has designated one entity, three individuals, and five vessels participating in a sanctions evasion scheme to facilitate the delivery of jet fuel to Russian forces operating in Syria. For identification of the targeted parties, see BankersOnline's OFAC Update

09/26/2019

OFAC adds Iran-related FAQ and designations

OFAC has published an Iran-related FAQ relating to a determination by the Secretary of State that COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. met the criteria for the imposition of sanctions under Executive Order 13846, and designated five individuals and six entities in connection with that Order. For identity information on those designated, see BankersOnline's OFAC Update

09/25/2019

TMC Bonds LLC pays $2.1M for failing to protect subscriber info

The Securities and Exchange Commission has announced that TMC Bonds LLC, operator of an alternative trading system for fixed-income securities, has agreed to pay $2.1 million to settle charges arising from TMC Bonds’ failure to protect confidential subscriber information. The SEC’s order finds that, between at least January 2016 and June 2018, TMC Bonds publicly touted its anonymous trading platform, but, in fact, disclosed to potential counterparties the identities of certain firms seeking to trade corporate bonds over 2,500 times during a two-and-a-half year period.

09/25/2019

Belizean bank pays $23M and shuts down

The Federal Trade Commission reports it has issued a proposed consent order under which Belize’s Atlantic International Bank Limited will pay $23 million, representing approximately all of its U.S.-based assets, to settle Federal Trade Commission charges that it assisted various related entities (the Sanctuary Belize Enterprise, or SBE) in deceiving U.S. consumers as part of a scheme to sell property in Sanctuary Belize (also known as Sanctuary Bay and The Reserve), a massive planned community approximately the size of Manhattan located in remote southern Belize. The order requires the bank to cease all business activities permanently, aside from those involved with its liquidation.The FTC will use the settlement money to provide redress to more than 1,000 consumers injured by the Sanctuary Belize scheme.

09/25/2019

FinCEN director addresses FedID Forum

In a presentation at the 2019 Federal Identity (FedID) Forum and Exposition in Tampa, FinCEN Director Blanco reviewed the role of FinCEN as a regulator of all financial institutions and the administrator of the Bank Secrecy Act, the primary laws in the area of money laundering and countering the financing of terrorism (AML/CFT) and as the Financial Intelligence Unit of the United States.

09/25/2019

Treasury targets oil shipments from Venezuela to Cuba

Treasury has reported that OFAC has designated four entities that operate in the oil sector of the Venezuelan economy pursuant to Executive Order 13850. OFAC also identified four vessels that transport oil and other petroleum products from Venezuela to Cuba as blocked property owned or controlled by the four designated entities.

For identification information on the designated entities and vessels, and a list of deletions from OFAC's SDN List, see BankersOnline's OFAC Update.

09/24/2019

Charges against PwC and partner

The Securities and Exchange Commission announced yesterday it has charged accounting firm PricewaterhouseCoopers LLP with improper professional conduct in connection with 19 engagements on behalf of 15 SEC-registered issuers and violating auditor independence rules in connection with engagements for one issuer where the firm performed prohibited non-audit services. The SEC also charged PwC partner Brandon Sprankle with causing the firm’s independence violations. Both respondents have agreed to settle the charges and PwC will pay over $7.9 million in monetary relief.

09/24/2019

Nissan and former execs settle SEC charges

The SEC has announced it has settled fraud charges filed against Nissan Motor Co., Ltd,, its former CEO Carlos Ghosn, and its former director Greg Kelly, related to false financial disclosures that omitted more than $140 million to be paid to Ghosn in retirement. Nissan settled the charges, agreeing to pay a $15 million civil penalty and to cease and desist from committing or causing violations of the anti-fraud provisions. The SEC's complaint filed in district court charges Ghosn with violating anti-fraud provisions of the securities laws and Kelly with aiding and abetting Ghosn's and Nissan's violations. To settle the charges, Ghosn and Kelly agreed to be permanently enjoined from violating or aiding and abetting violations of the anti-fraud provisions. Ghosn also agreed to a $1 million civil penalty and a 10-year officer and director bar. Kelly agreed to a $100,000 penalty.

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