Skip to content

Free Workshop - Build Your Action Plan For The New CDD Regulations (Boston, MA)  — You have until May of 2018 to create and implement your action plan to comply with the new CDD rules. Sound like a long time? It isn't! This FREE hands-on workshop will help prepare you for the new regulation. You'll come away with a to-do list to help your institution be prepared before the 2018 deadline. (Register here).

Top Story Security Related

11/15/2016

Delaware corp in $5.9M OFAC settlement

Treasury has announced that National Oilwell Varco, Inc., a Delaware corporation, and its subsidiaries Dreco Energy Services, Ltd. ("Dreco") and NOV Elmar ("Elmar") have agreed to pay $5,976,028 to settle their potential civil liability for apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Sudanese Sanctions Regulations.

11/14/2016

OFAC sanctions al-Nusrah Front leaders

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has acted to disrupt al-Nusrah Front’s military, recruitment, and financing operations. Specifically, OFAC designated four key al-Nusrah Front leaders – Abdallah Muhammad Bin-Sulayman al-Muhaysini, Jamal Husayn Zayniyah, Abdul Jashari, and Ashraf Ahmad Fari al-Allak – pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. These designations were taken in coordination with the U.S. Department of State, which today named Jabhat Fath al Sham as an alias of al-Nusrah Front – al-Qa’ida’s affiliate in Syria. As a result of today’s action, all property and interests in property of these designated individuals subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. See our OFAC Update for additional information.

11/08/2016

More Federal Reserve data

The Federal Reserve System released its September 2016 G.19 consumer credit and first quarter 2016 payment system risk data.

11/07/2016

NCUA releases new digital services guidebook

The NCUA has notified credit unions they can get information and advice on negotiating contracts for digital services in its new guidebook, Basics of Data Processing Contracts. The guidebook, which provides detailed, comprehensive instructions on negotiating contracts with third-party vendors for digital services is available from NCUA’s Small Credit Union Learning Center.

11/07/2016

FDIC recovery guidance for Virginia banks

FDIC FIL-74-2-16 was issued on Friday, to announce steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Virginia affected by Hurricane Matthew.

11/07/2016

FinCEN restricts North Korean access

Treasury has announced that FinCEN has issued a final rule under Section 311 of the USA PATRIOT Act to further restrict North Korea’s access to the U.S. financial system. The final rule prohibits U.S. financial institutions from opening or maintaining correspondent accounts for North Korean banks and also requires U.S. financial institutions to apply additional due diligence measures in order to prevent North Korean financial institutions from gaining improper indirect access to U.S. correspondent accounts. The rule was proposed in June 2016 along with publication of the notice of finding that North Korea is a jurisdiction of “primary money laundering concern” engaged in illicit conduct, including using state-controlled financial institutions and front companies to engage in proliferation of weapons of mass destruction and ballistic missiles and to evade international sanctions.

Update: The rule was published at 81 FR 78715 on November 8, 2016. It becomes effective December 9, 2016.

11/04/2016

Technical amendments to FinCEN BSA regs

The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has published at 81 FR 76863 in today's Federal Register a final rule to make a number of technical amendments. This final rule updates various sections of the regulations implementing the Bank Secrecy Act (``BSA'') by removing or replacing outdated references to obsolete BSA forms, removing references to outdated recordkeeping storage media, and replacing several other outdated terms and references. The changes, which affect 31 CFR parts 1010, 1020, 1021, 1022, 1023, 1024, 1025, and 1026, are effective today.

11/02/2016

Treasury sanctions financial supporters of al-Qaida

The Treasury Department has announced that, on Tuesday, the U.S., in partnership with the United Arab Emirates, acted to disrupt the operations and support networks of al-Qaida in the Arabian Peninsula. Treasury’s Office of Foreign Assets Control (OFAC) designated the Al Omgy and Brothers Money Exchange (Al Omgy Exchange) and the company’s two owners, Said Salih Abd-Rabbuh al-Omgy and Muhammed Salih Abd-Rabbuh al-Omgy, under Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. As a result of Tuesday's action, all property and interests in property of Al Omgy Exchange, and Said and Muhammed al-Omgy subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. See our OFAC Update for additional information.

Treasury reported that, acting under its authorities, the Central Bank of the UAE recently took swift action to eliminate any access to the UAE financial sector by Al Omgy Exchange in advance of Tuesday's OFAC action.

11/01/2016

FDIC proposal to consolidate regulations

The FDIC published at 81 FR 75753 in today's Federal Register a proposed rule that would rescind and remove Part 391 subpart A (Security Procedures, transferred from the former Office of Thrift Supervision) from the Code of Federal Regulations and to amend FDIC regulations at Part 326 to make the removed OTS regulations applicable to state savings associations. Comments on the proposal are due by January 3, 2017.

11/01/2016

NCUA bans five individuals

The National Credit Union Administration announced it issued five orders of prohibition in October to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution.

  • a former employee of a Manistique, Michigan, credit union who had pleaded no contest to charges of embezzlement and larceny, and had been sentenced to prison and ordered to pay restitution of $9,399;
  • a former employee of a Glens Falls, New York, credit union who had pleaded guilty to the charges of grand larceny and falsifying business records, and had been sentenced to prison and ordered to pay restitution of $8,071;
  • a former employee of a Toledo, Ohio, credit union who had pleaded guilty to the charges of theft and embezzlement, and had been sentenced to prison and ordered to make restitution of $251,438;
  • a former employee of Fairfield, Iowa, credit union who had consented to the issuance of the prohibition order to settle and resolve the NCUA Board's claims against her; and
  • a former employee of a Lenexa, Kansas, credit union who had pleaded guilty to charges of wire fraud and embezzlement, and had been sentenced to time served, and ordered to pay restitution of $34,035.

Pages

Training View All

UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

Penalties View All

Search Top Stories