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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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FDIC newsletter focuses on protecting seniors

The April 2019 issue of FDIC Consumer News focuses on protecting seniors from financial abuse. It includes tips to help seniors protect their own finances, and tips for their family and friends on being aware of the many ways in which older persons may be financially exploited.


OCC seeks comments on proposed innovation program

The OCC has opened a 45-day public comment period on a proposed Innovation Pilot Program. The program would be voluntary and designed to provide eligible entities with regulatory input early in the testing of innovative activities that could present significant opportunities or benefits to consumers, businesses, financial institutions, and communities.

Entities eligible for the proposed program would be OCC-supervised financial institutions, including those engaging a third party to offer the innovative product, service, or process. Entities may propose a pilot individually or as a collaborative effort such as a consortium or utility. An FAQ regarding the Program was also posted.

Comments on the proposed program should be sent to by June 14, 2019.


Scam victims to receive refund checks

The FTC and the state of Ohio are sending refund checks totaling more than $92,000 to victims of a tech support scam that tricked people into believing their computers were infected with viruses and malware, and then charged them hundreds of dollars for unnecessary repairs. The FTC is mailing 222 checks averaging $417 to victims of a tech support scheme which operated under a variety of names including Repair All PC, Pro PC Repair, I Fix PC, WebTech World, Online Assist, Datadeck, and Techers247.


Venezuelan government officials designated

OFAC has designated Jorge Alberto Arreaza Montserrat, the Venezuelan Minister of Foreign Affairs, and Carol Bealexis Padilla de Arretureta, both of whom were determined to be current or former officials of the Government of Venezuela. For added identity information, see BankersOnline's OFAC Update.


OFAC regs on foreign Interference in U.S. elections

OFAC has published regulations to implement Executive Order 13848 (“Imposing Certain Sanctions in the Event of Foreign Interference in a United States Election”). OFAC intends to supplement these rules with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy. The rule, codified at 31 CFR 579, is effective immediately.


Japanese bank to correct AML/BSA deficiencies

The Federal Reserve Board has executed a Written Agreement with Sumitomo Mitsui Banking Corporation, Tokyo, Japan, and its New York Branch, under which the bank will submit within 60 days an acceptable written plan to enhance oversight, by the management of the bank and branch, of the branch’s compliance with the BSA/AML Requirements and the OFAC Regulations.


NJ firm pays $75K for Ukraine sanctions violations

Haverly Systems, Inc. (“Haverly”), a New Jersey corporation with offices in Texas and California, has agreed to pay OFAC $75,375 to settle its potential civil liability for two apparent violations of the Ukraine Related Sanctions Regulations. From May 2016 to January 2017, Haverly apparently violated Executive Order 13662, “Blocking Property of Additional Persons Contributing to the Situation in Ukraine,” when it transacted or otherwise dealt in new debt of greater than 90 days' maturity. OFAC determined that Haverly did not voluntary self-disclose the apparent violations to OFAC, and the apparent violations constitute a non-egregious case.


Payments improvement update

The Federal Reserve's FedPayments Improvement group has released its April 2019 progress report on Strategies for Improving the U.S. Payment System.


OFAC targets sanctions evasion conduits

On Wednesday, OFAC further targeted the global business operations of Hizballah by designating two individuals and three entities acting as conduits for sanctions evasion schemes. Specifically, OFAC designated Belgium-based Wael Bazzi for acting for or on behalf of his father and Hizballah financier, Mohammad Bazzi. OFAC designated Belgium-based Voltra Transcor Energy BVBA, Belgium-based OFFISCOOP NV, and United Kingdom-based BSQRD Limited for being owned or controlled by Wael Bazzi.

OFAC is also adding Energy Engineers Procurement and Construction as an alias for Global Trading Group NV (GTG), one of Mohammad Bazzi’s companies, which was designated in May 2018.

Additionally, OFAC designated Lebanon-based Hassan Tabaja for acting for or on behalf of his brother and Hizballah member and financier, Adham Tabaja.

These individuals and entities were designated under Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. For identification details, see our OFAC Update.


FATF report on China’s AML/CFT system

The FATF has published a report and executive summary on the anti-money laundering and counter-terrorist financing (AML/CFT) system of the People’s Republic of China (China), which indicate that, overall, China has a strong understanding of the money laundering and terrorist financing risks it faces, but it should focus more on the laundering of proceeds of crime and increase the range of sources used for its national risk assessment.


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