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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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New Iranian sanctions and FAQs issued

A new Executive Order has been issued by President Trump imposing sanctions with respect to the iron, steel, aluminum, and copper sectors of Iran. In connection with the issuance of the E.O., OFAC has published related FAQs.


FATF holds private sector consultative forum

The Financial Action Task Force (FATF) conducted its annual Private Sector Consultative Forum on May 6–7 in Vienna, Austria, hosted by the United Nations Office on Drugs and Crime. The meeting was chaired by the President of the FATF, Marshall Billingslea from the United States. Over 300 private sector representatives, including from the financial sector, civil society, and FATF members and observers, participated in this year’s Forum. The Forum is an opportunity for the FATF and its members to engage directly with the private sector on anti-money laundering and countering the financing of terrorism (AML/CFT) issues. It provides a regular platform for the FATF to learn more about the private sector’s views and concerns on these issues.


Sanctions lifted from former Venezuelan official

On Tuesday, OFAC removed sanctions imposed on Manuel Ricardo Cristopher Figuera (Cristopher), who last week broke ranks with the Maduro regime and rallied to the support of the Venezuelan constitution and the National Assembly. Cristopher is the former Director General of Venezuela’s National Intelligence Service, more commonly known as SEBIN. As a result of Tuesday’s action, all property and interests in property, which had been blocked solely as a result of Cristopher’s designation, are unblocked and all otherwise lawful transactions involving U.S. persons and Cristopher are no longer prohibited.

For identification information, see our OFAC Update.


CFPB ID theft protection guide

The Bureau has released an Identity Theft Protection Guide that shares steps to help protect personal information.


FinCEN Venezuelan money laundering advisory updated

A previously issued FinCEN advisory to alert financial institutions to continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption has been updated. In addition to outlining the corrupt looting of Venezuela’s government-sponsored food distribution program, the advisory provides and updates a number of financial red flags to assist in identifying and reporting suspicious activity that may be indicative of corruption.


Prohibition order for former Texas banker

The Federal Reserve Board has issued a Consent Order of Prohibition to a former executive vice president and chief marketing officer of Centennial Bank, Lubbock, Texas, a former state member bank. The former banker was found to have submitted altered invoices to the Bank’s accounts payable department to obtain reimbursements for personal expenses and used a Bank-issued credit card for personal expenses, causing a loss of $69,450.49 to the bank. He was "separated from employment" in May 2013, but made full restitution.


OFAC publishes compliance framework

OFAC has published A Framework for OFAC Compliance Commitments to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program. The document also outlines how OFAC may incorporate these components into its evaluation of apparent violations and resolution of investigations resulting in settlements. An appendix offers a brief analysis of some of the root causes of apparent violations of U.S. economic and trade sanctions programs OFAC has identified during its investigative process.​


$473K in wire transfers lead to $872K OFAC settlement

OFAC has announced an $871,837 settlement with MID-SHIP Group, LLC, a global, commercially sophisticated shipping and logistics company headquartered in Port Washington, NY. MID-SHIP agreed to the payment to settle its potential civil liability for five apparent violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations by processing give electronic funds transfers totaling $472,861, that pertained to payments associated with blocked vessels identified on OFAC's SDN List. MID-SHIP did not voluntarily self-disclose the transactions and the apparent violations were considered egregious by OFAC.

For more information, see MID-SHIP Group LLC settles with OFAC for $872K, in BankersOnline's Penalty pages.


OCC to host workshops in Kentucky

The OCC will host two workshops in Lexington, Kentucky, at the Four Points by Sheraton Lexington, June 4 and 5, for directors of OCC-supervised banks.

  • The "Credit Risk: Directors Can Make a Difference" workshop on June 4 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
  • The "Compliance Risk" workshop on June 5 addresses the critical elements of an effective compliance risk management program. The workshop also focuses 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.

OCC workshops are limited to 35 registrants, at a cost of $99. Registration is available at


Treasury tech notice for users of OFAC site

The Treasury Department has posted an important Technical Notice for users of the OFAC website and sanctions lists data files. The existing certificate (expiring June 6, 2019) will be replaced on May 16, 2019 at 9 p.m. Please call this notice to the attention of your IT staff or your vendor if they download OFAC's sanctions list information.


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