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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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Efforts to stop international business email schemes

The FBI has posted the results of Operation reWired, a months-long, multi-agency effort to disrupt and dismantle international business email compromise (BEC) schemes. These sophisticated cyber-enabled scams often target employees with access to company finances and—using methods like social engineering and computer intrusions—trick them into making wire transfers to bank accounts thought to belong to trusted partners. The accounts are actually controlled by the criminals.

Operation reWired resulted in 281 arrests, including 74 in the United States. Arrests were also made in Nigeria, Turkey, Ghana, France, Italy, Japan, Kenya, Malaysia, and the United Kingdom. The sweep resulted in the seizure of nearly $3.7 million and the disruption and recovery of approximately $118 million in fraudulent wire transfers.


Enhanced counterterrorism sanctions authority exercised

Treasury has announced that OFAC used newly enhanced counterterrorism sanctions authorities on Tuesday to designate a series of terrorist leaders, facilitators, and entities. Equipped with new tools from recently updated Executive Order 13224, Treasury designated 15 leaders, individuals, and entities affiliated with terror groups. That action targets a wide array of groups, including entities affiliated with HAMAS, the Islamic State of Iraq and Syria (ISIS), al-Qa’ida, and the Islamic Revolutionary Guard Corps Qods-Force (IRGC-QF), and combined with actions taken by the State Department amounts to some of the furthest reaching designations of terrorists and their supporters in the past 15 years.

The amended Executive Order provides the Treasury and State Departments new tools allowing the U.S. to better identify and designate terrorists worldwide. The order now:

  • Contains new designation criteria that allows the U.S. Government to more efficiently target leaders or officials of terrorists groups as well as individuals who participate in terrorist training;
  • Provides for secondary sanctions against foreign financial institutions that have knowingly conducted or facilitated significant financial transactions on behalf of any person sanctioned pursuant to E.O. 13224;
  • Authorizes Treasury to prohibit a foreign financial institution that has knowingly conducted or facilitated a significant transaction with any Specially Designated Global Terrorist (SDGT) from opening or maintaining a correspondent or payable-through account in the United States;
  • Consolidates U.S. counterterrorism authorities under a single sanctions program by eliminating E.O. 12947 and combining that authority’s goal of defending the Middle East Peace Process with E.O. 13224’s global remit and expanded authorities.

For further information on the new Executive Order, OFAC's designations of individuals and entities, and changes to existing SDN listings, see BankersOnline's OFAC Update.


OCC schedules 2 LA workshops

The OCC has announced it will host two workshops at the Federal Reserve Bank of Los Angeles, October 22 and 23, for directors of institutions supervised by the OCC:

  • The Compliance Risk workshop on October 22 focuses on the critical elements of an effective compliance risk management program. 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 October 23 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.


Venezuela-related General License and amended FAQ

OFAC has issued a Venezuela-related General License (General License No. 34) and amended a related FAQ.


OFAC amends Cuban Assets Control Regs

OFAC has published [84 FR 47121] a final rule amending the Cuban Assets Control Regulations to further implement elements of U.S. foreign policy toward Cuba. The rule amends the general license relating to "U-turn" financial transactions to eliminate the authorization to process such transactions and instead only allow the rejection of such transactions. The rule adds restrictions on "family remittances," eliminates the authorization for donative remittances, and adds a provision to authorize unlimited remittances to certain additional self-employed individuals.

The rule provides a 30-day implementation period, making it effective October 9, 2019, to allow for technical implementation of the added restrictions.


CFPB offers 'relative' scam call tips

The Bureau has posted an article offering tips regarding scam calls that purport to be from a relative:

  • Don’t panic! Take a deep breath and get the facts.
  • Don’t send money unless you’re sure it’s the real person who contacted you. Hang up and call your grandchild or friend’s phone number to see if the story checks out. You could also call a different friend or relative to confirm the facts
  • Is the person asking for gift cards? This is a sign that it may be a scam, because gift cards usually won’t help when someone is in real need of assistance.


FATF Iceland compliance report

The Financial Action Task Force has issued a report on Iceland’s progress in strengthening measures to tackle money laundering and terrorist financing.


OFAC Iran FAQs updated and expanded

OFAC has posted a notice that it has updated and expanded its Iran-related FAQs.

Existing FAQ 296 has been updated and new FAQs on bunkering of non-Iranian and Iranian vessels carrying goods to or from Iran have been published.


FATF report on Hong Kong AML measures

The Financial Action Task Force (FATF) has issued its report regarding Hong Kong, China’s measures to combat money laundering and terrorist financing.


Options Clearing Corp pays $20M per SEC order

The SEC and the Commodity Futures Trading Commission have announced that the Options Clearing Corporation (OCC) will undertake remedial efforts and pay $20 million in penalties to settle charges that it failed to implement policies to manage certain risks as required by U.S. laws and SEC and CFTC rules.


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