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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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OFAC tags terrorists' shipping network

Treasury has announced that OFAC has taken action against a large shipping network that is directed by and financially supports the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its terrorist proxy Hizballah. Senior IRGC-QF official and former Iranian Minister of Petroleum Rostam Qasemi oversees this sprawling network, which features dozens of ship managers, vessels, and facilitators. This complex network of intermediaries enables the IRGC-QF to obfuscate its involvement in selling Iranian oil. The IRGC-QF also relies heavily on Hizballah officials and front companies to broker associated contracts. OFAC also is issuing a new shipping advisory to the maritime community warning of these types of schemes and the sanctions risks associated with blocked persons.

OFAC announced the designation of some 16 entities and 10 individuals pursuant to E.O. 13224, and identified 11 vessels as property in which blocked persons have an interest. For identification details, see BankersOnline's OFAC Update.


FATF issues report on Greece

The Financial Action Task Force (FATF) has issued a report on its assessment of Greece’s anti-money laundering and counter terrorist financing (AML/CFT) system that indicates Greece has the foundations for effective action against money laundering and terrorist financing. However, it needs to improve prosecution of these crimes and focus more on the risks that face the non-financial sector.


FinCEN welcomes Associate Director

FinCEN welcomed AnnaLou Tirol on Tuesday as its new Associate Director to lead its Liaison Division. This division designs and implements strategic partnerships across the financial industry, with partners in the U.S. government, and with foreign counterparts. It conducts operational information sharing among domestic and foreign partners, including in crisis situations, and conducts training and inspections to ensure effective use and protection of the sensitive Bank Secrecy Act data that FinCEN collects, protects, analyzes, and shares.


OFAC publishes Nicaragua sanctions regs

OFAC has announced it has issued regulations to implement Executive Order 13851 of November 27, 2018 ("Blocking Property of Certain Persons Contributing to the Situation in Nicaragua"). These regulations (31 CFR part 582) are effective with today's publication at 84 FR 46440 in the Federal Register. OFAC intends to supplement part 582 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy.

OFAC also updated its SDN List, adding three Iranian entities subject to secondary sanctions under OFAC's Iran-related and Non-proliferation of weapons of mass destruction programs, and updating a Kingpin Act listing of a Mexican national. See BankersOnline's OFAC Update for details.


Dorian-related closures authorized

The OCC has issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Dorian in the southeast region of the United States to close.


OFAC tags shipping network, oil tanker and captain

OFAC has announced the North Korea-related designations of two individuals and three entities, and further identified one vessel as blocked property. Taiwan-based individuals Huang Wang Ken and Chen Mei Hsiang and the Taiwan-based entities Jui Pang Shipping Co Ltd (Jui Pang) and Jui Zong Ship Management Co Ltd (Jui Zong), as well as Hong Kong-based entity Jui Cheng Shipping Company Limited (Jui Cheng) were designated. For identification details, see BankersOnline's OFAC Update.

OFAC also announced its designation of the Adrian Darya 1, an oil tanker transporting Iranian crude oil ultimately benefiting Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the tanker's captain, Akhilesh Kumar. Identification details are in this BankersOnline OFAC Update.


FDIC enforcement actions

The FDIC has issued a list of recent enforcement actions recently taken against FDIC-supervised institutions and individuals now or formerly associated with FDIC-supervised institutions. Among those actions was a consent order to pay a $12,400 civil money penalty issued to a Marksville, Louisiana, bank for a pattern or practice of violations of the Flood Disaster Protection Act.

The FDIC also issued a Prohibition Order to a former accounting clerk at Boonville Federal Savings Bank, Boonville, Indiana, having found that she had transferred over $132,000 in bank funds to an account she controlled and used the funds for her personal benefit. A Notice of Charges and Hearing were issued to a former executive vice president and commercial relationship manager of First NBC Bank (in receivership), New Orleans, Louisiana, notifying the respondent of the FDIC's intention to prohibit him from further participation in the business of banking, and assess a civil money penalty of $125,000. The Notice provides the respondent an opportunity to be heard at an administrative hearing concerning the FDIC's allegations of numerous lending irregularities.

In addition, four financial institutions were issued consent orders to cease and desist.


OFAC targets Lebanese bank and HAMAS facilitators

Treasury announced yesterday that OFAC has sanctioned Jammal Trust Bank SAL (Jammal Trust), a Lebanon-based financial institution that knowingly facilitates banking activities for Hizballah, designating it as a Specially Designated Global Terrorist (SDGT). As part of that action, OFAC also designated Jammal Trust's Lebanon-based subsidiaries.

In partnership with the Sultanate of Oman, OFAC also designated four financial facilitators responsible for moving tens of millions of dollars between Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and HAMAS’s operational arm, the Izz-Al-Din Al-Qassam Brigades in Gaza.

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


FCC amends Truth in Caller ID rules

The Federal Communications Commission has published [84 FR 45669] in today's Federal Register a final rule amending its Truth in Caller ID rules in subpart P of 47 CFR part 64 to implement the amendments to section 227(e) of the Communications Act adopted by Congress last year as part of the RAY BAUM'S Act. The rule published today amends the FCC's rules to encompass malicious spoofing activities directed at consumers in the United States from actors outside of the U.S. and to reach caller ID spoofing using alternative voice and text messaging services. The amendments carry a February 5, 2020, effective date.


FinCEN launches investigations division

FinCEN has announced the launch of its Global Investigations Division (GID), which will be responsible for implementing targeted investigation strategies rooted in FinCEN’s unique authorities under the Bank Secrecy Act (BSA) to combat illicit finance threats and related crimes, both domestically and internationally. GID will leverage FinCEN’s BSA authorities, including Section 311 of the USA PATRIOT Act, to investigate and target terrorist finance and money laundering threats, and GID will work more closely with foreign counterparts to coordinate actions against such threats when appropriate.


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