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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.


Top Story Security Related

10/21/2019

OCC announces enforcement actions

The OCC has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • Bank civil money penalty orders were issued to:
    • Midsouth Bank, N.A., Lafayette, Louisiana, for payment of $108,796, for a pattern or practice of violations of the Flood Disaster Protection Act
    • Citibank, N.A. Sioux Falls, South Dakota (previously announced), for payment of $30 million, for engaging in repeated violations of the statutory holding period for OREO
  • A removal/prohibition order was issued to a former teller at U.S. Bank, N.A., Cincinnati, Ohio, after finding that she misappropriated $5,000 in cash while balancing ATMs at two Las Vegas, Nevada, branches.

10/21/2019

FATF meeting concluded

The Treasury Department has reported that the Financial Action Task Force (FAFT) has concluded its 31st plenary meeting and issued a public statement that, among other things, reiterates terrorist financing risks emanating from Iran. The FATF also clarified guidance on “stablecoins” and adopted virtual assets changes, among other reports related to anti-money laundering/countering the financing of terrorism (AML/CFT).

10/21/2019

Treasury launches CHIP

The Treasury Department has reported it has convened the first meeting of the Counter-Hizballah International Partnership (CHIP) to build multilateral cooperation for targeting Hizballah’s global financial networks. Over 30 countries representing the Middle East, the Western Hemisphere, Europe, Asia, and Africa participated in this event, which was held on the sidelines of the World Bank/International Monetary Fund Fall Meetings. At the meeting, the United States condemned Hizballah’s abuse of the international financial system and identified impact-oriented steps countries should take to stem this abuse, including information sharing among financial intelligence units, strengthening terrorism finance risk assessments, developing targeted financial sanctions regimes, and prosecuting terrorists and their financial facilitators.

The next steps for meeting participants will be to send technical experts to the Law Enforcement Coordination Group (LECG), which will next convene December 16-17 in The Hague, Netherlands.

10/18/2019

OFAC amends Venezuela-related general license

OFAC has posted a notice that it has issued amended General License 13D, "Authorizing Certain Activities Involving Nynas AB," with regard to Venezuela-related Executive Orders 13850 and 13884.

10/18/2019

Fed Board issues prohibition order

The Federal Reserve Board has announced the execution of a consent order of prohibition against a former employee of Southern Bancorp Bank, Arkadelphia, Arkansas, for embezzling bank funds for his own benefit.

10/17/2019

18 stock traders charged by SEC

The SEC announced it has filed an emergency action complaint and obtained an asset freeze against 18 traders in a scheme to manipulate the prices of more than 3,000 U.S.-listed securities for over $31 million in illicit profits. The SEC alleges that the traders, who are primarily based in China, manipulated the prices of thousands of thinly traded securities by creating the false appearance of trading interest and activity in those stocks, thereby enabling them to reap illicit profits by artificially boosting or depressing stock prices.

10/17/2019

Hundreds 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 23 states and 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. The law enforcement 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.

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