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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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OCC revises Capital and Dividends booklet

OCC Bulletin 2017-59, issued yesterday. announced a revision of the “Capital and Dividends” booklet of the Comptroller’s Licensing Manual. The revised booklet incorporates updated capital and dividends procedures and requirements following the integration of the functions of the OTS into the OCC in 2011 and the issuance of revised regulations.


Quarles on payment system innovation

Federal Reserve Board Vice Chairman for Supervision Randal Quarles spoke yesterday at the 2017 Financial Stability and Fintech Conference sponsored by the Federal Reserve Bank of Cleveland, the Office of Financial Research, and the University of Maryland's Robert H. Smith School of Business. His topic was "Thoughts on Prudent Innovation in the Payment System." He cautioned that "we should be vigilant in balancing the benefits of innovation with the safe and reliable operation of systems and critical activities" in a discussion on payment system innovation. He also touched on the topic of private digital currencies and the argument that central banks should begin to issue their own digital currency. Both forms of digital currency carry the risk of cyberattacks, money laundering and terrorist financing. Quarles argued that the "prospect of a government-sponsored digital currency might even derail private-sector plans to enhance the payment services provided to their customers, thereby significantly disrupting the financial networks that exist today in ways that could create instability."


Fed releases

The Federal Reserve Board has posted:


OFAC targets cocaine trafficking network

OFAC has announced it has designated Colombian national Tito Aldemar Ruano Yandun (Ruano Yandun) and the Ruano Yandun Drug Trafficking Organization as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for playing a significant role in international narcotics trafficking. OFAC also designated Colombian national Onofre Junior Aguiño Arboleda for acting for or on behalf of Ruano Yandun. As a result of yesterday’s action, all assets of those designated that are under U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For identification information on those designated, see our OFAC Update.

Penalties for violations of the Kingpin Act range from civil penalties of up to $1,437,153 per violation to more severe criminal penalties. Criminal penalties for corporate officers may include up to 30 years in prison and fines up to $5 million. Criminal fines for corporations may reach $10 million. Other individuals could face up to 10 years in prison and fines pursuant to Title 18 of the United States Code for criminal violations of the Kingpin Act.


OFAC announces Iranian violation and updated FAQs

OFAC announced yesterday it has issued a Finding of Violation to Dominica Maritime Registry, Inc. (DMRI), headquartered in Fairhaven, Massachusetts, for a violation of the Iranian Transactions and Sanctions Regulations, by dealing in the property or interests in property of the National Iranian Tanker Company, an entity identified by OFAC as meeting the definition of the Government of Iran and whose property and interests in property are blocked. OFAC also issued updated FAQs on new Ukraine-/Russia-related General License 1B.


Labor finalizes delay of Fiduciaries Rule

The Department of Labor has published in today's Federal Register a final rule to extend to July 1, 2019, the compliance date for, and certain exemptions from, the Department's Fiduciary Rule.


CFPB overdraft experience interviews

The CFPB has posted an article, Consumer experiences with overdraft programs, announcing the release of a report on a series of interviews with 88 people who had recently been charged an overdraft fee or had a transaction rejected for insufficient funds. The article also offered suggestions for improving one's management of checking accounts.


OFAC broadens reach of North Korea sanctions

OFAC announced sanctions yesterday against one individual, 13 entities, and 20 vessels as the United States continues to take action multilaterally and unilaterally to disrupt North Korea's illicit funding of its unlawful nuclear and ballistic missile programs. Yesterday's sanctions target third-country persons with long-standing commercial ties to North Korea, as well as the transportation networks that facilitate North Korea's revenue generation and operations. See our OFAC Update for information on the additions to OFAC's SDN List.


Bureau removes Arbitration Rule from CFR

The CFPB has published in the Federal Register for November 22, 2017, a notice of revocation under the Congressional Review Act of the Bureau's Arbitration Agreements rule, 12 CFR Part 1040, removing the rule from the Code of Federal Regulations.


Cordray writes to institution CEOs

The CFPB Blog reports that Director Cordray sent a letter last week to the CEOs of several banks, credit unions, and financial companies encouraging them to enable consumers to exert greater control over their credit cards, debit cards, and other payment methods. Cordray urged the CEOs to consider the use of technology that "makes it feasible, right now, to enable consumers to exert much greater control over their credit cards, debit cards, and other payment methods. Digital servicing platforms offer the potential for enhanced security and the peace of mind that are made possible by establishing controls that will make it more difficult for unauthorized transactions to occur."


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