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Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

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OFAC designates Russian NBFI supporter of North Korea

Treasury has announced OFAC's designation of a Russian financial institution for assisting North Korea in evading sanctions to access the international financial system. Wednesday's action targets Russian-registered Russian Financial Society for having provided, or attempted to provide, financial, material, technological, or other support for, or goods or services in support of, U.S.-designated Dandong Zhongsheng Industry & Trade Co. Ltd, an entity that is owned and controlled by, directly or indirectly, U.S.- and UN-designated Foreign Trade Bank, North Korea’s primary foreign exchange bank.

Additional identification information for Russian Financial Society can be found in BankersOnline's OFAC Update.


OCC schedules two workshops in Boston

Two compliance and operational risk workshops will be hosted by the OCC at its Boston Field Office, on July 30 and 31, for directors of national community banks and federal savings associations it supervises.

  • The Compliance Risk workshop on July 30 focuses on the critical elements of an effective compliance risk management program and 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.
  • The Operational Risk workshop on July 31 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, internal fraud, and cybersecurity.


FDIC website warning

A warning has been issued by the FDIC advising bank customers on the potential for confusion between and the FDIC-run secure portal,, which advertises itself as a consumer-focused provider of FDIC pass-through insurance for bank deposits, is not affiliated with the FDIC. A similar warning was recently issued by the California Department of Business Oversight.


OFAC adjusts penalties for inflation

OFAC has published an amendment [84 FR 27714] to its regulations to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended . This regulatory amendment, which is effective on publication, adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations.


Three OFAC CACR settlement agreements

OFAC has announced three settlement agreements with travel-related businesses, each to settle potential civil liability for apparent violations of the Cuban Assets Control Regulations (CACR) for providing unauthorized Cuba-related travel services:

  • Expedia Group, Inc., headquartered in Bellevue, Washington, on behalf of itself and its subsidiaries and affiliates worldwide, has agreed to pay $325,406
  • Hotelbeds USA, Inc. (incorporated in Florida, a U.S. subsidiary of Hotelbeds Group, headquartered in Mallorca, Spain), has agreed to pay $222,705
  • An Individual, as well as Cubasphere, on whose behalf the Individual also acted, have agreed to pay $40,320


OFAC targets Iraqi financial conduit

The Treasury Department announced on Wednesday that OFAC has imposed sanctions on an Iraq-based Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) financial conduit, South Wealth Resources Company (SWRC), which has trafficked hundreds of millions of dollars’ worth of weapons to IRGC-QF-backed Iraqi militias. SWRC and its two Iraqi associates, who were also designated Wednesday, have covertly facilitated the IRGC-QF’s access to the Iraqi financial system to evade sanctions. Identity information on the SWRC and the two designated associates can be found in BankersOnline's OFAC Update.


OFAC targets Assad regime supporters

On Tuesday, the U.S. Department of the Treasury’s Office of Foreign Assets Control designated 16 individuals and entities associated with an international network benefiting the Assad regime. The designations were designed to cut off critical supplies and financiers for the regime’s luxury reconstruction and investment efforts. This action reinforces the United States’ commitment to imposing a financial toll on those supporting Assad’s authoritarian rule, including Syrian oligarch Samer Foz.

According to Treasury Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker, "Samer Foz, his relatives, and his business empire have leveraged the atrocities of the Syrian conflict into a profit-generating enterprise. This Syrian oligarch is directly supporting the murderous Assad regime and building luxury developments on land stolen from those fleeing his brutality."

As a result of OFAC’s action, all property and interests in property of the designated individuals and entities that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC. OFAC’s regulations generally prohibit all dealings by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons.

For a list and identifying information for the individuals and entities designated, see BankersOnline's OFAC Update.


NCUA bars two from industry

The NCUA has announced it issued one prohibition notice and one prohibition order in May to individuals who are prohibited from participating in the affairs of any federally insured financial institution. One of the barred individuals was an employee of a credit union in Johnson City, Tennessee, who had pleaded guilty to charges of theft and tax evasion, and been sentenced to 51 months in prison and ordered to pay more than $1.2 million in restitution. The other individual was a branch manager of a credit union in Rochester, New York.


Oklahoma severe weather guidance

The FDIC has issued FIL-30-2019 with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe winter storms, straight-line winds, and tornadoes.


Western Union pays $402K for OFAC violations

OFAC has announced a $401,697 settlement with Western Union Financial Services, Inc., of Denver, Colorado. Western Union has agreed to settle its potential civil liability for 4,977 apparent violations of the Global Terrorism Sanctions Regulations. Between December 9, 2010, and March 13, 2015, Western Union processed 4,977 transactions totaling approximately $1.275 million, which were paid out to third-party, non-designated beneficiaries who chose to collect their remittances at a Western Union Sub-Agent in The Gambia that was previously designated. OFAC determined that Western Union voluntarily self-disclosed the apparent violations and that they constitute a non-egregious case.


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