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Banker's Toolbox Releases Innovative New Business Intelligence Solution  —
Banker's Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions, has launched innovative business intelligence software called Relationship Manager. Relationship Manager is a revolutionary tool that can utilize an institution's investment in BSA/AML transaction monitoring to address the challenges of cross-sell and retention. It scans an institution's transactional data to detect patterns that indicate cross-sell or retention opportunities as they occur, giving financial institutions a competitive advantage. (Read more.)

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Bureau warns some tax refunds will be delayed

An article on the CFPB Blog explains why a new law will cause some refund claims on an individual tax return to be delayed. Tips for filing a return and managing for a refund delay were also provided.


OFAC sanctions supporters of North Korean government

In response to North Korea’s September 2016 nuclear test, ongoing prohibited development of weapons of mass destruction (WMD), and continued violations of United Nations Security Council resolutions (UNSCRs), the U.S. Department of the Treasury has announced that its Office of Foreign Assets Control (OFAC) has designated 16 entities and seven individuals for their ties to the Government of North Korea or its nuclear and weapons proliferation efforts and identified 16 aircraft blocked as property of a designated entity. The targets include individuals and companies from North Korea's transportation, mining, energy and financial services industries. As a result of this action, any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked. Additionally, U.S. persons are generally prohibited from engaging in transactions involving the designated persons and listed aircraft.

For additional information on these actions, see our OFAC Update.


FATF report faults U.S. AML/CFT measures

The Financial Action Task Force (FATF) has published its December 2016 mutual evaluation report of United States anti-money laundering and counter-terrorist financing (AML/CFT) measures. The report noted the U.S. has a robust anti-money laundering and counter-terrorist financing regime through which it effectively investigates and prosecutes these crimes. However, the system has serious gaps in the country's legal framework that impede timely access to beneficial ownership information. The report also notes other significant gaps, including minimal coverage of investment advisers, lawyers, accountants, real estate agents, trust and company service providers (other than trust companies).


December FedFocus on malware

The December 2016 issue of FedFocus features an article to help institutions close the door on malware. Other topics discussed include same day ACH, a year-end review of FEDucation, and the Fed Facts year one wrap-up.


NCUA prohibition notices issued

The NCUA has announced it issued in November four notices of prohibition 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.


Counterfeit official checks on Ohio bank

Alert 2016-11 has been issued by the OCC regarding counterfeit official checks bearing the name of Century National Bank, a division of Park National Bank, Zanesville, Ohio. Details from the OCC’s alert can be found in our November 29, 2016, Alert.


Comptroller’s Handbook revised

The OCC has issued Bulletin 2016-42 to announce the revision of the "Bank Premises and Equipment” booklet of the Comptroller’s Handbook. The revised booklet updates statutory and regulatory citations to reflect changes since “Bank Premises and Equipment” was last published and the integration of the Office of Thrift Supervision into the OCC and provides revised examination procedures.


Supplement to Final Rule barring FBME Bank

FinCEN has announced that the U.S. District Court for the District of Columbia has remanded to FinCEN a Final Rule issued under Section 311 that would have severed FBME Bank Ltd. from the U.S. financial system. In its memorandum opinion, the court stated that FinCEN had not meaningfully responded to FBME’s comments regarding FinCEN’s treatment of aggregate Suspicious Activity Report (SAR) data. FinCEN today submitted for publication in the Federal Register a Supplement to the Final Rule that responds to FBME’s comments.

UPDATE: FinCEN Supplement, published in December 1, 2016, Federal Register


OFAC designates six as global terrorists

The Department of the Treasury's Office of Foreign Assets Control has added Specially Designated Global Terrorist (SDGT) designations to its Specially Designation Nationals Lists. Four individuals were added, and two designated narcotics traffickers with the Kingpin Act designation were updated to add the SDGT designation. See our OFAC Update for details.


OCC reminder of ANPR on cyber risk management

The OCC has issued Bulletin 2016-41 as a reminder of the FFIEC Advance Notice of Proposed Rulemaking (ANPR) published on October 26 regarding enhanced cyber risk management standards for large and interconnected entities under the jurisdiction of the OCC, Board of Governors or the FDIC. The ANPR was featured in our October 20, 2016, Top Story. Comments on the ANPR are due by January 17, 2017.


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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

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