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Banker's Toolbox Releases Innovative New Business Intelligence Solution  —
Banker's Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions, has launched innovative business intelligence software called Relationship Manager. Relationship Manager is a revolutionary tool that can utilize an institution's investment in BSA/AML transaction monitoring to address the challenges of cross-sell and retention. It scans an institution's transactional data to detect patterns that indicate cross-sell or retention opportunities as they occur, giving financial institutions a competitive advantage. (Read more.)

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FATF reports some AML/CFT progress

As part of its on-going review of compliance with AML/CFT standards, the FATF has identified jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The identified jurisdictions are Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu, and Yemen.


FATF recommends North Korea counter-measures

In a public statement identifying jurisdictions with strategic deficiencies in anti-money laundering/countering the financing of terrorism measures, the FATF continues to call on countries to apply counter-measures to the Democratic People's Republic of Korea.


Removal from SDN List

OFAC has announced it has removed a Zimbabwean from the SDN List. See BankersOnline's OFAC Update for details.


Counterfeit cashier's checks alert

The OCC has issued an alert concerning counterfeit cashier's checks in circulation purporting to have been issued by The Oculina Bank, Vero Beach, Florida. For details, see our Alert page.


FATF dialogues with private sector

The Financial Action Task Force (FATF), civil society, and private sector representatives met in Vienna for a constructive discussion on a range of key issues which included information sharing, correspondent banking, remittances and de-risking. A dialogue was also held on FinTech and RegTech in Vienna as part of the FATF Private Sector Consultative Forum. This dialogue built upon the FATF’s previous engagement with the private sector at sessions held in Paris in February 2017.


FDIC advisory committee on community banking to meet

The FDIC has announced that a meeting of its Advisory Committee on Community Banking will be held on Tuesday, March 28. Senior staff will discuss and provide updates on the FDIC's Community Banking Initiative, Applying for Deposit Insurance: A Handbook for Organizers of De Novo Institutions, credit risk trends and supervisory expectations, and the Youth Savings Pilot and Symposium. There also will be a presentation on the Report to Congress on the Regulatory Review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).


OCC schedules directors workshops in Charlotte

The OCC has announced it will host two workshops at the Sheraton Charlotte Airport Hotel, Charlotte, N.C., April 25-26, for directors of national community banks and federal savings associations supervised by the OCC. The Risk Governance workshop on April 25 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The Credit Risk workshop on April 26 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems.


Agencies evaluate 'living wills' of domestic and foreign banks

The FDIC and the FRB have jointly announced the completion of the 2015 resolution plans of 16 domestic banks and separately issued guidance to four foreign banks. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. For foreign banking organizations, resolution plans are focused on their U.S. operations.

The domestic banks evaluated were: American Express Company, Ally Financial Inc., BB&T Corporation, Capital One Financial Corporation, Comerica Incorporated, Discover Financial Services, Fifth Third Bancorp, Huntington Bancshares Incorporated, KeyCorp, M&T Bank Corporation, Northern Trust Corporation, Regions Financial Corporation, SunTrust Banks, Inc., The PNC Financial Services Group, Inc., U.S. Bancorp, and Zions Bancorporation. The agencies identified shortcomings in Northern Trust Corporation's resolution plan, which must be satisfactorily addressed in the firm's 2017 plan due by December 31.


NCUA posts field-of-membership rule webinar and Q&A

Credit union stakeholders wanting more information about the National Credit Union Administration's new field-of-membership rule can now watch the agency’s webinar online and review its questions and answers.


CFPB complaint against Intercept dismissed

The U.S. District Court for the District of North Dakota on March 17 granted the defendants' motion to dismiss without prejudice the complaint filed by the CFPB against Intercept Corporation et al. on June 6, 2016. The court found that the CFPB complaint did not contain sufficient factual allegations to back up its statements regarding Intercept's allegedly unlawful acts or missions; failed to sufficiently allege facts tending to show that industry standards were violated; failed to plead facts sufficient to support a legal conclusion that consumers were injured or likely to be injured; and failed to include allegations to support a finding that Intercept interfered with consumers' ability to understand the terms of their dealing with Intercept's clients or to support a finding that Intercept took unlawful advantage of consumers.


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