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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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10/17/2019

100s charged worldwide in takedown of child porn network

U.S. Immigration and Customs Enforcement has reported that Jong Woo Son, 23, a South Korean national, was indicted by a federal grand jury in the District of Columbia for his operation of Welcome To Video, the largest child sexual exploitation market by volume of content. The nine-count indictment was unsealed Wednesday along with a parallel civil forfeiture action. Son has also been charged and convicted in South Korea and is currently in custody serving his sentence in South Korea. An additional 337 site users residing in Alabama, Arkansas, California, Connecticut, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Nebraska, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington State and Washington, D.C. as well as the United Kingdom, South Korea, Germany, Saudi Arabia, the United Arab Emirates, the Czech Republic, Canada, Ireland, Spain, Brazil and Australia have been arrested and charged. Two of those charged were Homeland Security employees—a Homeland Security Investigations special agent and a U.S. Border Patrol agent..

This Darknet website is among the first of its kind to monetize child exploitation videos using bitcoin. In fact, the site itself boasted over one million downloads of child exploitation videos by users. Each user received a unique bitcoin address when the user created an account on the website. An analysis of the server revealed that the website had more than one million bitcoin addresses, signifying that the website had capacity for at least one million users. Notably, the operation is responsible for the rescue of at least 23 minor victims residing in the United States, Spain and the United Kingdom, who were being actively abused by the users of the site.

10/15/2019

FATF Week

Starting Sunday October 13, representatives from 205 countries and jurisdictions around the world, the IMF, UN, World Bank and other organizations, are meeting for FATF Week in Paris, France. Six days of meetings will focus on disrupting financial flows linked to crime and terrorism and discuss ways to contribute to global safety and security.

The FATF has announced the release of a consolidated table of assessment ratings received by the 205 FATF-member jurisdictions in their peer reviews of the effectiveness of their technical compliance with the FATF recommendations for effective AML/CFT systems.

10/15/2019

SEC videos explain how investor fraud works

The SEC’s Office of Investor Education and Advocacy and Retail Strategy Task Force have released new videos and Investor Alerts to help show investors what fraud looks like.

10/15/2019

Regulators issue joint statement on digital assets

The U.S. Commodity Futures Trading Commission (CFTC), Financial Crimes Enforcement Network (FinCEN) and the SEC have issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA):

  • AML/CFT obligations apply to entities that the BSA defines as “financial institutions,” such as futures commission merchants and introducing brokers obligated to register with the CFTC, money services businesses (MSBs) as defined by FinCEN, and broker-dealers and mutual funds obligated to register with the SEC. Among those AML/CFT obligations are the requirement to establish and implement an effective anti-money laundering program (AML Program) and recordkeeping and reporting requirements, including suspicious activity reporting (SAR) requirements.

10/15/2019

Turkish ministries and officials sanctioned

The Treasury Department announced yesterday that OFAC has taken action against two Turkish ministries and three senior Turkish government officials in response to Turkey’s military operations in Syria. The Ministry of National Defence and the Ministry of Energy and Natural Resources, as well as the Minister of National Defence, Minister of Energy and Natural Resources, and the Minister of the Interior have been blocked. Persons that engage in certain transactions with the designated persons may themselves be exposed to designation. Furthermore, any foreign financial institution that knowingly facilitates any significant financial transactions for or on behalf of the persons designated today could be subject to U.S. correspondent or payable through account sanctions.

For identifying information on the designated ministries and officials, see BankersOnline's OFAC Update.

10/15/2019

Treasury targets corruption in South Sudan

On Friday, Treasury announced that OFAC had sanctioned Ashraf Seed Ahmed Al-Cardinal and Kur Ajing Ater for their involvement in bribery, kickbacks and procurement fraud with senior government officials in South Sudan. OFAC is also designating five companies determined to be owned or controlled by Al-Cardinal, and one company owned or controlled by Ajing.

As a result of Friday’s action, all property and interests in property of the designated individuals and entities, and of any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other designated persons, that are in the United States or in the possession or control of U.S. persons, are blocked and must be reported to OFAC.

For identification information on Al-Cardinal, Aijing, and the six entities, see BankersOnline's OFAC Update.

10/11/2019

Members of South African corruption network sanctioned

Treasury announced yesterday that OFAC has sanctioned members of a significant corruption network in South Africa that leveraged overpayments on government contracts, bribery, and other corrupt acts to fund political contributions and influence government actions. For identification information on the four individuals sanctioned and on two updates of existing listings, see BankersOnline's OFAC Update.

10/10/2019

FinCEN adjusts penalty caps

FinCEN has published a final rule [84 FR 54495] in the October 10, 2019, Federal Register making inflation adjustments of civil money penalties, as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. The rule adjusts certain penalties within the jurisdiction of FinCEN to the maximum amount required by the Act. The amendments are effective on publication, and have been posted to 31 CFR 1010.821 (Penalty adjustment and table) in BankersOnline's Regulations pages.

10/09/2019

$31M in LifeLock refund checks to be sent by FTC

The Federal Trade Commission has reported it will begin sending refund checks totaling more than $31 million as part of a previously announced settlement with LifeLock, Inc. related to allegations that the identity theft protection provider violated a 2010 Commission data security order. The FTC is mailing more than one million checks averaging about $29. Recipients should deposit or cash checks within 60 days.

10/04/2019

Georgia banker banned from industry

The Federal Reserve Board has announced it has issued a consent prohibition order to John D. Evans, a former commercial real estate banker at Columbus Bank & Trust, Columbus, Georgia who, while employed in that capacity, embezzled a total of $1,046,602.40 by issuing official checks from a bank fee reserve account held in the name of a customer.

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