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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Security Related

03/05/2019

OCC warns of counterfeit official checks

The OCC has issued its Alert 2019-1 concerning counterfeit official bank checks of Bremer Bank, NA, Saint Paul, Minnesota. For details, see our Alerts & Counterfeits listing.

03/05/2019

OFAC designates organization and individual

OFAC has designated Harakat al-Nijjaba, operating in Iraq and Syria, and updated an Iraqi national's existing Iraq-related listing to designate him, both under the Global Terrorism Sanctions program. For identification information, see our OFAC Update.

03/04/2019

FATF March Business Bulletin

The Financial Action Task Force (FATF) has published its March 2019 Business Bulletin, which contains a brief update highlighting the FATF’s decisions and new products that they feel are particularly relevant for businesses.

03/04/2019

Venezuelan officials designated

OFAC has announced its designation of six Venezuelan government officials who are aligned with illegitimate former President Nicolas Maduro and associated with the obstruction of humanitarian aid deliveries into Venezuela on February 23, 2019. The action targets six security officials who control many of the groups that prevented humanitarian aid from entering Venezuela, thereby exacerbating the humanitarian crisis that has left millions of Venezuelans starving and without access to medical care under the Maduro regime. For identification information on these individuals, see our OFAC Update.

03/01/2019

FTC's top complaints in 2018

The Federal Trade Commission reports that, in 2018, for the first time, imposter scams topped the list of consumer complaints submitted to its nationwide Consumer Sentinel database, driven in part by a jump in reports about government imposter scams. Debt collection and identity theft were numbers 2 and 3 on the list.

03/01/2019

Fed enforcement actions announced

The Federal Reserve Board has announced the execution of two enforcement actions:

  • Consent order for a civil money penalty of $1,012,500 against Wintrust Financial Corporation, Rosemont, Illinois, for internal control deficiencies at one of its subsidiary banks that resulted in a $2.7 million loss to Wintrust.
  • Consent prohibition order against Caleb T. Jones, former employee of OakStar Bank, Springfield, Missouri, for obtaining a loan under false pretenses

02/28/2019

Bureau: Reports of widespread elder financial abuse

The CFPB has released a report, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends, about key facts, trends, and patterns revealed in "elder financial exploitation" (EFE) SARs—filed by banks, credit unions, casinos, and other financial services providers. The Bureau analyzed 180,000 EFE SARs filed with FinCEN from 2013 to 2017, involving more than $6 billion. This first-ever public analysis provides a chance to better understand elder fraud and to find ways to improve prevention and response. The Bureau said—

  • In 2017, financial institutions filed 63,500 SARs reporting elder financial abuse. Yet these SARs likely represent only a tiny fraction of the actual 3.5 million incidents of elder financial exploitation estimated to have happened that year.
  • Elder financial exploitation isn’t just happening at banks or credit unions. Money services businesses, used by many people to wire money, have filed an increasing share of these SARs (58 percent in 2017).
  • Older adults ages 70 to 79 lost on average $43,300. And when the older adult knew the suspect, the average loss was even larger—about $50,000.
  • Fewer than one-third of elder financial exploitation SARs specify that the financial institution reported the activity to adult protective services, law enforcement, or other authorities. If the financial institution is not reporting to these authorities, this is a missed opportunity to strengthen prevention and response.

    02/27/2019

    OFAC issues guidance on data delivery standards

    OFAC’s Office of Compliance and Enforcement (“OCE”) has issued Data Delivery Standards, which provide guidance regarding submissions and the technical standards for the preferred format in which to submit electronic document productions to OCE, including administrative subpoena responses, self-disclosures, and other documents or reports. The standards document also includes sections addressing preferred practices for organizing document productions, file size and delivery instructions for electronic submissions, instructions for submitting specific types of files, and an addendum with additional technical document production specifications.

    02/26/2019

    FATF seeks comments on draft risk-based guidance papers

    The FATF is requesting comments on three draft guidance papers for the application of a risk-based approach to anti-money laundering and counter terrorist financing measures. The draft guidance is directed to legal professionals, accountants, and trust and company service providers.

    02/26/2019

    Venezuelan governors sanctioned

    OFAC has announced it has dessignated four officials aligned with the illegitimate regime of former Venezuelan President Nicolas Maduro. The action targets the governors of four Venezuelan states involved in endemic corruption and in blocking the delivery of critical humanitarian aid, thereby exacerbating the ongoing humanitarian crisis caused by the illegitimate Maduro regime. For identification information on these individuals, see our OFAC Update.

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