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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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Fake payday loan operators to pay $4.1M

The FTC has announced it has obtained a $4.1 million judgment and a ban on handling certain sensitive financial information about consumer debts against an operation that sold lists of fake payday loan debts to debt collectors. A default judgment was issued by a federal count granting what the FTC sought in a complaint filed in 2016, which alleged that Joel Jerome Tucker, SQ Capital LLC, JT Holdings Inc. and HPD LLC sold lists of fake payday loan debts naming millions of consumers, which debt collectors then used to demand payment. The lists had extensive personal information, including Social Security and bank account numbers. As a result, many people were harassed for debts they did not owe, and some were persuaded to pay the fake debts.


G-7 Cybersecurity Report

The finance ministers and central bank governors of the G-7 countries have released the Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector. In a press release, the U.S. Department of the Treasury said, "Underscoring that cybersecurity remains a topic of paramount importance for the financial system, the United States Department of the Treasury and the Board of Governors of the Federal Reserve System welcome the continued efforts by the G-7 to promote effective practices for cybersecurity and drive greater consistency across the international financial sector. These collective efforts build greater resiliency within the financial system."


Kansas bank closed

The FDIC has announced that The Farmers and Merchants State Bank of Argonia, Argonia, Kansas, was closed by the Office of the State Bank Commissioner of Kansas, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Conway Bank, Conway Springs, Kansas, to assume all of the deposits of The Farmers and Merchants State Bank of Argonia. Farmers and Merchants is the seventh FDIC-insured institution to fail in the nation this year, and the first in Kansas. The last FDIC-insured institution closed in Kansas was Heartland Bank, Leawood, on July 20, 2012.


OFAC targets Islamic Revolutionary Guard Corps

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated Iran’s Islamic Revolutionary Guard Corps (IRGC) pursuant to the global terrorism Executive Order (E.O.) 13224 and consistent with the Countering America’s Adversaries Through Sanctions Act. OFAC designated the IRGC for its activities in support of the IRGC-Qods Force (IRGC-QF), which was designated pursuant to E.O. 13224 on October 25, 2007, for providing support to a number of terrorist groups, including Hizballah and Hamas, as well as to the Taliban. The IRGC has provided material support to the IRGC-QF, including by providing training, personnel, and military equipment.

Additionally, OFAC designated four entities under E.O. 13382, which targets weapons of mass destruction proliferators and their supporters, for their support to the IRGC or Iran’s military. For identification information on the designations and an SDN List change, see our OFAC Update.


Report on FATF FinTech and RegTech Forum

The Financial Action Task Force (FATF) held its second FinTech and RegTech Forum October 9–10, 2017, in Berlin, Germany. The meeting was attended by over 150 participants from the FinTech and RegTech sectors, financial institutions, and FATF members, associate members and observers. The forum discussed the opportunities that FinTech and RegTech may present in improving the effective implementation of AML/CFT measures, as well as the challenges that emerging technologies and financial innovations may pose. The meeting also discussed how the concept of digital ID is being developed in different ways, and how non-face-to-face transactions and relationships might be mitigated by such technologies. Participants focused on some of the different types of products available or being developed, and their possible implications for customer identification and verification, and financial inclusion.


State Department revoking Sudan Sanctions

The State Department issued a statement on Friday announcing the decision to revoke economic sanctions with respect to Sudan and its government, in recognition of the Government of Sudan’s sustained positive actions to maintain a cessation of hostilities in conflict areas in Sudan, improve humanitarian access throughout Sudan, and maintain cooperation with the United States on addressing regional conflicts and the threat of terrorism. The revocation will be effective October 12, 2017.

The Treasury Department's Office of Foreign Assets Control has posted a notice that it has published new Frequently Asked Questions regarding action by the State Department to revoke the sanctions, as well as a new general license authorizing certain transactions pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000.

UPDATE: On October 12, 2017, OFAC issued a Specially Designated Nationals List Update with a long list of Sudan Sanctions removals.


Noreika discusses reducing regulatory burden

Acting Comptroller of the Currency Keith A. Noreika discussed efforts to reduce regulatory burden and expand economic opportunity. In his remarks at the Midsize Bank Coalition of America Chief Risk Officer meeting in Dallas, the Acting Comptroller also highlighted risks facing those banks and the federal banking system.


OCC to hold workshops in Louisville

The OCC will host two workshops at the Holiday Inn Louisville Airport, Louisville, Kentucky, November 14-15, for directors of national community banks and federal savings associations.The Credit Risk workshop on November 14 focuses on credit risk within the loan portfolio. 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 Operational Risk workshop on November 15 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.


Company pays $372,465 to settle OFAC violation

OFAC has announced a $372,465 settlement with BD White Birch Investment LLC (“White Birch USA”) headquartered in Greenwich, Connecticut, to settle White Birch USA’s potential civil liability for three apparent violations of the Sudanese Sanctions Regulations.  White Birch USA appears to have violated those regulations when it facilitated the sale and shipment of 543.952 metric tons of Canadian-origin paper from Canada to Sudan with a value of $354,602.26.  These export transactions occurred in April and December 2013. Various personnel within White Birch USA and its Canadian subsidiary, White Birch Paper Canada Company NSULC, were actively involved in discussing, arranging, and executing the export transactions to Sudan.  OFAC determined that White Birch USA did not voluntarily self-disclose the apparent violations to OFAC, and that the apparent violations constitute a non-egregious case.


OFAC SDN list removals and updates

OFAC has deleted entries (including aliases) for four individuals and one entity from the SDN List. In addition, changes have been made to entries of seven entities. For specific information see BankersOnline's OFAC Update.


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