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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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ID thief stopped by alert banker

The FBI has reported that an alert bank employee in Georgia helped catch a prolific thief who defrauded banks and individuals using multiple stolen identities. The thief had in his possession at the time of arrest a bag with 20 cellular phones, 13 different identifications, a number of credit cards, and about $11,000 in cash. The bank employee had responded to an alert issued when bank staff members followed up on internal "red flags" warning of suspicious activity.


Maryland insurer pays $345K to settle OFAC liability

OFAC has announced that Atradius Trade Credit Insurance, Inc., of Hunt Valley, Maryland, a trade credit insurer licensed to operate in the state of Maryland, has agreed to remit $345,315 to settle its potential civil liability for two apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations.


Venezuelans added to ICE's most wanted list

U.S. Immigration and Customs Enforcement has posted a notice that it has added former Venezuelan Vice President and current Minister of Industry and National Production Tareck Zaidan El Aissami Maddah and his co-conspirator, Venezuelan businessman Samark Jose Lopez Bello, to its Most Wanted list for international narcotics trafficking and money laundering. The action followed an ICE HSI New York investigation that led to their special designations as narcotics traffickers as well as sanctions imposed by the U.S. Treasury Department in 2017 and criminal charges filed by the U.S. Attorney’s Office for the Southern District of New York earlier this year.


Registration open for OFAC Fall Symposium

Registration is now open for the OFAC 2019 Fall Symposium at the Walter E. Washington Convention Center in Washington, DC on Tuesday, November 12, 2019. The event is free, but advance registration is required.


Blanco addresses AML Conference

In prepared remarks delivered yesterday at the 12th annual Las Vegas Anti-Money Laundering Conference, FinCEN Director Blanco discussed:

  • His perspective on how new technologies are impacting AML/CFT and financial crime detection, particularly sports betting and mobile gaming;
  • How FinCEN’s recent guidance on Convertible Virtual Currency is something that casinos need to pay attention to;
  • The importance of a strong culture of compliance within casinos; and
  • An overview of FinCEN’s ongoing work related to regulatory reform, innovation, and BSA value.


OCC schedules workshops in Williamsburg

The OCC has announced it will conduct two workshops in Williamsburg, Virginia, at the DoubleTree Hotel Williamsburg, September 24 and 25, for directors of OCC-supervised institutions.

  • The Compliance Risk workshop on September 24 will focus on the critical elements of an effective compliance risk management program. The workshop also covers 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.
  • The Operational Risk workshop on September 25 will address the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, internal fraud, and cybersecurity.


Fed updates Commercial Bank Exam Manual

The Federal Reserve Board has posted the May 2019 update of its Commercial Bank Examination Manual.


Washington trucking company pays $1.7M OFAC penalty

OFAC has announced that PACCAR Inc., Bellevue, Washington, has agreed to pay $1,709,325 to settle potential civil liability for 63 apparent violations of the Iranian Transactions and Sanctions Regulations for selling or suppling 63 trucks to customers in Europe that it knew or had reason to know were ultimately intended for buyers in Iran. OFAC determined that PACCAR voluntarily disclosed the apparent violations, and that the apparent violations constitute a non-egregious case. The base penalty amount for the apparent violations is $2,713,214.


Iranian sanctions amended

OFAC has posted a notice that it is amending the Iranian Financial Sanctions Regulations by changing the heading of the Iranian Human Rights Sanctions Regulations to Iranian Sector and Human Rights Abuses Sanctions Regulations to implement Executive Order 13871. OFAC is also amending several FAQs and publishing several new FAQs.


Treasury announces block on Venezuela government assets

The Treasury Department announced Tuesday that the president has issued a new Executive Order (E.O.), “Blocking Property of the Government of Venezuela.” In connection with the issuance of this E.O., OFAC issued new and revised FAQs as well as 12 amended general licenses (General Licenses 2A, 3F, 4C, 7C, 8C, 9E, 10A, 13C, 15B, 16B, 18A, 20A) and 13 new general licenses (General Licenses 21 through 33).

In addition, OFAC published “Guidance Related to the Provision of Humanitarian Assistance and Support to the Venezuelan People.” In a press release, Treasury emphasized the U.S. commitment to the unfettered flow of humanitarian aid to the Venezuelan people, and cited the general licenses that permit humanitarian-related transactions, enabling continued support to the people of Venezuela and ensuring that legitimate humanitarian activity is not the target of U.S. sanctions. OFAC's regulations and general licenses allow U.S. persons to continue to provide humanitarian support to the Venezuelan people, including transactions through the U.S. financial system for certain authorized activity related to food, agricultural commodities, medicine, and medical devices; non-commercial, personal remittances; international organizations; telecommunications and mail; the Internet; medical services; and nongovernmental organizations.


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