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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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2016 Terrorist assets report

The Office of Foreign Assets Control (OFAC) has released its 2016 Terrorist Assets Report.


Prohibition notices issued by NCUA

The NCUA has announced the issuance of three prohibition orders and five notices of prohibition in November 2017. Eight individuals who were former employees and/or officers of various credit unions are prohibited from participating in the affairs of any federally insured financial institution.


Quarles on payment system innovation

Federal Reserve Board Vice Chairman for Supervision Randal Quarles spoke yesterday at the 2017 Financial Stability and Fintech Conference sponsored by the Federal Reserve Bank of Cleveland, the Office of Financial Research, and the University of Maryland's Robert H. Smith School of Business. His topic was "Thoughts on Prudent Innovation in the Payment System." He cautioned that "we should be vigilant in balancing the benefits of innovation with the safe and reliable operation of systems and critical activities" in a discussion on payment system innovation. He also touched on the topic of private digital currencies and the argument that central banks should begin to issue their own digital currency. Both forms of digital currency carry the risk of cyberattacks, money laundering and terrorist financing. Quarles argued that the "prospect of a government-sponsored digital currency might even derail private-sector plans to enhance the payment services provided to their customers, thereby significantly disrupting the financial networks that exist today in ways that could create instability."


OFAC targets cocaine trafficking network

OFAC has announced it has designated Colombian national Tito Aldemar Ruano Yandun (Ruano Yandun) and the Ruano Yandun Drug Trafficking Organization as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for playing a significant role in international narcotics trafficking. OFAC also designated Colombian national Onofre Junior Aguiño Arboleda for acting for or on behalf of Ruano Yandun. As a result of yesterday’s action, all assets of those designated that are under U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For identification information on those designated, see our OFAC Update.

Penalties for violations of the Kingpin Act range from civil penalties of up to $1,437,153 per violation to more severe criminal penalties. Criminal penalties for corporate officers may include up to 30 years in prison and fines up to $5 million. Criminal fines for corporations may reach $10 million. Other individuals could face up to 10 years in prison and fines pursuant to Title 18 of the United States Code for criminal violations of the Kingpin Act.


OFAC announces Iranian violation and updated FAQs

OFAC announced yesterday it has issued a Finding of Violation to Dominica Maritime Registry, Inc. (DMRI), headquartered in Fairhaven, Massachusetts, for a violation of the Iranian Transactions and Sanctions Regulations, by dealing in the property or interests in property of the National Iranian Tanker Company, an entity identified by OFAC as meeting the definition of the Government of Iran and whose property and interests in property are blocked. OFAC also issued updated FAQs on new Ukraine-/Russia-related General License 1B.


HUD fraud complaint against former officials

HUD has announced it has filed a fraud complaint against two former officials of the Alexander County (Illinois) Housing Authority for using public housing funds for personal travel and gifts and submitting false documentation to the federal government.


OFAC broadens reach of North Korea sanctions

OFAC announced sanctions yesterday against one individual, 13 entities, and 20 vessels as the United States continues to take action multilaterally and unilaterally to disrupt North Korea's illicit funding of its unlawful nuclear and ballistic missile programs. Yesterday's sanctions target third-country persons with long-standing commercial ties to North Korea, as well as the transportation networks that facilitate North Korea's revenue generation and operations. See our OFAC Update for information on the additions to OFAC's SDN List.


VA refinancing offers may be too good to be true

The CFPB and VA have issued their first WARNO, “Warning Order,” to servicemembers and veterans with VA home loans. The message warns those with VA loans to be skeptical of unsolicited offers to refinance their loans, even if the offers appear official. Many such offers are literally "too good to be true." The WARNO specifically alerts VA mortgagors to:

  • Offers to skip one or two payments
  • Offers to receive an escrow refund
  • Low-interest rates without specific terms
  • Aggressive sales tactices


Haiti’s progress on addressing AML/CFT deficiencies

The Financial Action Task Force (FATF) has posted a public statement issued by the Caribbean Financial Action Task Force (CFATF) on Haiti's progress to address strategic deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) regime. Haiti is no longer subject to the CFATF-ICRG review process.


AMEX-related card company settles OFAC violations

OFAC has announced that BCC Corporate SA ("BCCC") has settled potential liability for apparent violations of the Cuban Assets Control Regulations. BCCC is a Belgium-based credit card issuer and corporate service company that issues various payment products, such as credit cards, to its European-based corporate customers. At the time of the apparent violations, BCCC was a wholly owned subsidiary of Alpha Card Group, which in turn was owned 50 percent by American Express Company (AMEX), a U.S. financial institution. AMEX has agreed to remit $204,277 to settle potential civil liability for 1,818 apparent violations of the Cuban Assets Control Regulations.


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