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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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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.


Bureau publishes rule and notice

The CFPB published two documents in this morning's Federal Register:


OFAC SDN removals and updates

Treasury has announced that seventeen entries for individuals and entities have been deleted from the SDN List. Changes were made to three existing entries. See BankersOnline's OFAC Update for details.


Registration open for OFAC Fall Symposium

OFAC has announced that registration is open for its 2016 Fall Symposium. The event will include presentations on OFAC regulations affecting all U.S. persons, as well as targeted reviews of sanctions concerns for new and updated OFAC programs. In addition to formal presentations, OFAC staff will be available throughout the day to answer questions on issues unique to a number of regulated industries.


Multi-state ATM skimming scheme put on ICE

U.S. Immigration and Customs Enforcement (ICE) has reported that twelve people have been charged in federal court with allegedly executing a scheme to defraud customers of Bank of America and PNC Bank through conduct known as “ATM skimming.” Between March 2015 and July 2016, the co-conspirators allegedly installed electronic equipment at ATMs at several banks across New Jersey. The equipment, which included pinhole cameras and electronic devices capable of recording bank customer information encoded on the magnetic stripe of credit and debit cards, allegedly captured personal identifying and bank account information of 4,350 bank customers. The co-conspirators are alleged to have stolen at least $428,000 from more than 600 Bank of America customers in New Jersey.


CFATF money laundering and terrorist financing report

The Caribbean Financial Action Task Force (CFATF) has issued a public statement on Haiti's lack of progress in addressing strategic deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) regime. CFATF acknowledged the significant progress made by Suriname in improving its AML/CFT regime. Guyana is no longer subject to the CFATF-ICRG review process.


CFPB investigating consumer access to financial records

The Consumer Financial Protection Bureau has posted a notice this morning that it is seeking comments from the public about consumer access to their financial account and account-related data, including access by entities acting with consumer permission, in connection with the provision of products or services that make use of that information. Submissions to the Request for Information will assist market participants and policymakers to develop practices and procedures that enable consumers to realize the benefits associated with safe access to their financial records, assess necessary consumer protections and safeguards, and spur innovation. The agency also posted a related article on the Bureau Blog. Responses to the Request for Information will be accepted for 90 days following publication in the Federal Register.

UPDATE: The Bureau's Request for Information was published in the Federal Register at 81 FR 83806 on November 22, 2016. Comments are due by February 21, 2017.


OFAC sanctions Russian individuals

OFAC has announced its designation of six individuals who represent Crimea and Sevastopol in the Russian State Duma (Parliament). The six were sanctioned for being responsible for or complicit in actions or policies that undermine democratic processes or institutions in Ukraine and actions or policies that threaten the peace, security, stability, sovereignty, or territorial integrity of Ukraine. See BankersOnline's OFAC Update for details.


OFAC fall symposium

OFAC has issued a save-the-date invitation for its 2016 Fall Symposium to be held in Washington, D.C. on December 7. The event will provide a comprehensive review of current U.S. economic sanctions. It will include presentations on OFAC regulations, as well as targeted reviews of sanctions concerns for new and updated OFAC- administered programs. In addition to formal presentations by key personnel, OFAC staff will be available throughout the day to answer individual questions from participants.


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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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