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Free Webinar: The State of Sanctions
Thursday, June 8th - 1:00 PM CT

The sanctions landscape is evolving - exposing institutions to greater sanctions risks, operational and oversight challenges, and obligations to comply with sanctions administered by OFAC and other agencies. OFAC expert, Tim White, will address these issues and what you need to be aware of moving forward. (Register here.)

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Treasury and State sanction terrorism facilitators

OFAC has announced it has taken action to disrupt the Islamic State of Iraq and Syria's (ISIS) global financial and facilitation networks by designating two individuals as Specially Designated Global Terrorists pursuant to Executive Order (E.O.) 13224. The individuals designated are Syria- and Iraq-based ISIS members who provide financial and operational support for ISIS's recruitment and attack plotting in Indonesia, Malaysia, and elsewhere in Southeast Asia. The State Department also designated five individuals under E.O. 13224. As a result of those actions, all property and interests in property of the seven individuals subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

For additional information, see our OFAC Update.


FinCEN proposing to extend requirement for programs for correspondent accounts for foreign banks

FinCEN has published in today's Federal Register a request for comment on a proposed renewal, without change, to an information collection found in existing regulations requiring U.S. financial institutions to establish due diligence policies, procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts that U.S. financial institutions establish or maintain for certain foreign financial institutions. The proposal would extend the requirements titled "Anti-Money Laundering Programs and Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions" (31 CFR 1010.610). Comments will be accepted for 60 days, through May 29, 2017.


FATF reports some AML/CFT progress

As part of its on-going review of compliance with AML/CFT standards, the FATF has identified jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The identified jurisdictions are Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu, and Yemen.


FATF recommends North Korea counter-measures

In a public statement identifying jurisdictions with strategic deficiencies in anti-money laundering/countering the financing of terrorism measures, the FATF continues to call on countries to apply counter-measures to the Democratic People's Republic of Korea.


Removal from SDN List

OFAC has announced it has removed a Zimbabwean from the SDN List. See BankersOnline's OFAC Update for details.


Counterfeit cashier's checks alert

The OCC has issued an alert concerning counterfeit cashier's checks in circulation purporting to have been issued by The Oculina Bank, Vero Beach, Florida. For details, see our Alert page.


FATF dialogues with private sector

The Financial Action Task Force (FATF), civil society, and private sector representatives met in Vienna for a constructive discussion on a range of key issues which included information sharing, correspondent banking, remittances and de-risking. A dialogue was also held on FinTech and RegTech in Vienna as part of the FATF Private Sector Consultative Forum. This dialogue built upon the FATF’s previous engagement with the private sector at sessions held in Paris in February 2017.


New materials on security and design of FR notes

FRB Financial Services has reported that the U.S. Currency Education Program has designed two new materials to help you and your customers become familiar with the security and design features of Federal Reserve notes. Both materials are provided free of charge.


New payment card working paper released

The Federal Reserve Bank of Philadelphia's Payment Cards Center has posted a new working paper, "How Data Breaches Affect Consumer Credit," on its webpage. The authors use the 2012 South Carolina Department of Revenue data breach as a natural experiment to study how data breaches and news coverage about them affect consumers' interactions with the credit market and their use of credit.


FTC report on combatting fraud

The Federal Trade Commission reported yesterday on testimony presented to a Senate subcommittee on the Commission's efforts to fight fraud.


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