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Top Story Security Related

12/20/2023

Network supporting Iran's UAV program sanctioned

The Treasury Department yesterday reported that OFAC has imposed sanctions on 10 entities and four individuals based in Iran, Malaysia, Hong Kong, and Indonesia supporting Iran’s unmanned aerial vehicle (UAV) production. This network, led by Iran-based Hossein Hatefi Ardakani, has facilitated the procurement of U.S.- and foreign-origin components worth hundreds of thousands of dollars for the Islamic Revolutionary Guard Corps Aerospace Force Self Sufficiency Jihad Organization (IRGC ASF SSJO) and its UAV program.

Concurrent with OFAC’s action and following a multi-year investigation by Homeland Security Investigations (HSI), the Department of Justice announced the unsealing of an indictment charging Hossein Hatefi Ardakani and Gary Lam with crimes related to an illicit procurement network and scheme to unlawfully export U.S.-origin, dual-use, and sensitive technology to Iran. HSI’s global investigation identified a network of Iranian intermediary companies, front companies, and logistics businesses used to procure and facilitate the transfer of sensitive U.S.- and foreign-origin technology to Iran for its weapons programs. On October 18, 2023, OFAC designated Gary Lam, whose primary name is Lin Jinghe, for his support to an Iran-based procurement agent working on behalf of the IRGC-owned Saberin Kish Company.

For a link to the names and identification information of the designated individuals and entities, see this BankersOnline OFAC Update.

12/20/2023

OCC and CFPB fine U.S. Bank $30M for actions during pandemic

The CFPB yesterday announced it has ordered U.S. Bank National Association to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic. U.S. Bank froze tens of thousands of accounts due to unprecedented numbers of fraudulent unemployment claims. However, it failed to provide people a reliable and quick way to regain access. The bank also failed to provide provisional account credits, while investigating potentially unauthorized transfers. The CFPB’s order requires U.S. Bank to pay $5.7 million to consumers harmed by its actions and to pay a $15 million penalty.

The Office of the Comptroller of the Currency reported it has separately fined U.S. Bank $15 million for the same conduct.

For additional information and links to the consent orders issued by the CFPB and OCC, see "U.S. Bank fined $30M for illegal conduct during pandemic" in BankersOnline’s Penalty pages.

12/15/2023

U.S. targets IRGC-QF official and transnational criminal organization

Yesterday, Treasury announced that OFAC has joined the United Kingdom in taking action against Iran’s Islamic Revolutionary Guard Corps – Qods Force (IRGC-QF), Hamas, and Palestinian Islamic Jihad (PIJ). OFAC designated IRGC-QF official Majid Zaree (Zaree), who is involved in the IRGC-QF’s support to groups such as Hizballah and Hamas.

Treasury also reported that OFAC had sanctioned the Malas Mañas transnational criminal organization (TCO), a human smuggling and narcotics trafficking organization based in Sonora, Mexico, along with two individuals in its support network.

For the names and identification information of the designated parties, see yesterday's BankersOnline OFAC Update.

12/15/2023

OCC announces November enforcement actions

The OCC has announced enforcement actions taken in November.

  • A Formal Agreement with B2 Bank National Association, Mountain Iron, Minnesota, for unsafe or unsound practices, including those relating to internal controls and management oversight.
  • A Cease and Desist Order against Upstate National Bank, Ogdensburg, New York, for engaging in unsafe or unsound practices, including those relating to board oversight and corporate governance; strategic and capital planning; interest rate risk management; liquidity risk management; and for engaging in violations of law, rule, or regulation relating to reports of condition.
  • Orders of Prohibition against:
    • Marco Antonio Rodriguez Arango, a teller at an Oceanside, California, branch of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for taking funds from the branch bank vault for personal use which resulted in personal financial gain and a loss to the bank.
    • Helen Caldwell, former financial advisor, Citibank, N.A., Sioux Falls, South Dakota, resolving a Notice of Charges in which the OCC alleged, among other things, that she solicited an elderly customer to invest, and the customer did invest, more than $200,000 in a company she co-owned; received at least $99,000 in direct payments from the company; and falsely represented that she was following, and would follow, policies prohibiting this conduct. She consented to the Order without admitting or denying the allegations in the Notice.
    • Marily Sandybell Espinosa, formerly a personal banker at Wells Fargo Bank, National Association, Sioux Falls, for making multiple unauthorized withdrawals from a customer’s account for personal use.
    • Cheung Kin Lam, formerly a personal banker at JPMorgan Chase Bank, National Association, Columbus, Ohio, for embezzling funds from the Bank and falsifying bank records to conceal his theft.
    • Yecenia D. Perez, former bank assistant manager, Winter Hill Bank, FSB, Somerville, Massachusetts, for misappropriating funds at a loss or risk of loss to the bank.
    • Terry Alan Walker, former customer experience representative at a BMO Harris Bank, N.A., location in Indianapolis, Indiana, for misappropriating funds at a loss or risk of loss to the bank.

12/14/2023

Money services business settles with OFAC for $1.2M+

OFAC has posted a Notice of Actions announcing a $1,207,830 settlement with CoinList Markets LLC. CoinList agreed to settle its potential civil liability arising from processing 989 transactions on behalf of users ordinarily resident in Crimea between April 2020 and May 2022, in apparent violation of OFAC's Russia/Ukraine sanctions. The settlement amount reflects OFAC's determination that CoinList's conduct was non-egregious and not voluntarily self-disclosed.

For additional details, see "CoinList Markets LLC settles with OFAC for $1.2M+," in the BankersOnline Penalty pages.

12/14/2023

U.S. and UK target more Hamas officials and representatives

The Treasury Department has reported that OFAC has imposed a fourth round of sanctions on Hamas since the October 7 terrorist attack on Israel. Today’s action targets key officials who perpetuate Hamas’s violent agenda by representing the group’s interests abroad and managing its finances. OFAC closely coordinated with the United Kingdom to concurrently designate several key Hamas officials.

For the names and identification information of the designated individuals, see the December 13, 2023, BankersOnline OFAC Update.

12/13/2023

More than 150 sanctioned for supplying Russia's military-industrial base

Following last week's G7 Leaders' reaffirmation of support for an independent, democratic Ukraine within is internationally recognized borders, the Department of the Treasury yesterday announced that OFAC is implementing the commitments made by G7 Leaders by taking action against third-country actors who materially support Russia’s war; targeting Russian military procurement networks and those who help Russia acquire machine tools, equipment, and key inputs; and further curtailing Russia’s use of the international financial system to further its war in Ukraine.

Concurrently, the Department of State imposed sanctions on over 100 entities and individuals, including those engaged in sanctions evasion in numerous third countries, complicit in furthering Russia’s ability to wage its war against Ukraine, and responsible for bolstering Russia’s future energy production and export capacity.

For a link to OFAC's notice with the names and identification information of the designated parties, see this BankersOnline OFAC Update.

12/12/2023

FinCEN webinar on Beneficial Ownership Information Reporting requirements

FinCEN has announced it will host a webinar on beneficial ownership information reporting requirements on Wednesday, December 13, at 2 p.m. Eastern Time.

Note: Registration for the webinar has closed, due to high demand.

12/12/2023

Treasury targets transnational corruption

Yesterday, the Department of the Treasury reported that OFAC has sanctioned two former Afghan government officials — Mir Rahman Rahmani (M. Rahmani) and his son, Ajmal Rahmani (A. Rahmani), collectively known as “the Rahmanis” — for their extensive roles in transnational corruption, as well as 44 associated entities. These individuals and entities were designated under Executive Order 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuse and corruption around the world. Through their Afghan companies, the Rahmanis perpetrated a complex procurement corruption scheme resulting in the misappropriation of millions of dollars from U.S. Government-funded contracts that supported Afghan security forces.

Concurrently, the Department of State designated Mir Rahman Rahmani, Ajmal Rahmani, and their immediate family members, under Section 7031(c) of the annual Department of State, Foreign Operations, and Related Programs Appropriations Act for involvement in significant corruption as a public official.

For the names and identification information of the designated individuals and entities, see yesterday's BankersOnline OFAC Update.

12/12/2023

Nasdaq settles with OFAC for over $4 million

OFAC has announced it has entered into a settlement with Nasdaq, Inc. for $4,040,923 related to apparent violations of the Iranian Transactions and Sanctions Regulations by its former Armenian subsidiary, Nasdaq OMX Armenia OJSC, the former owner and operator of the Armenian Stock Exchange (ASE).

Nasdaq OMX Armenia processed trades and settled payments through the ASE platform involving the OFAC-designated Armenian subsidiary of Iran's state-owned Bank Mellat. In doing so, Nasdaq OMX Armenia knowingly engaged in the exportation of services to Iran and the Iranian government, thereby committing 151 apparent violations of the OFAC sanctions on Iran. The settlement amount reflects OFAC’s determination that the apparent violations were non-egregious and voluntarily self-disclosed.

For additional information on OFAC's settlement with Nasdaq, Inc., see this BankersOnline Penalty page.

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