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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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FATF/GAFILAT plenary in Buenos Aires

FATF has announced it will join with the Financial Action Task Force of Latin America (GAFILAT) in Buenos Aires for six days of meetings beginning October 29, at which delegates will discuss counter-terrorist financing, financial inclusion, information sharing and measures to combat money laundering and the financing of terrorism and proliferation in Portugal and Mexico.


OFAC announces joint terrorism sanctions

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on eight individuals and one entity on Wednesday, targeting leaders, financiers, and facilitators of the Islamic State in Iraq and Syria in Yemen (ISIS-Y) and al-Qa’ida in the Arabian Peninsula (AQAP). This action was taken in partnership with the Kingdom of Saudi Arabia, as the co-chair of the recently established Terrorist Financing Targeting Center (TFTC), as well as all other TFTC member states: the Kingdom of Bahrain, the State of Kuwait, the Sultanate of Oman, the State of Qatar, and the United Arab Emirates.

As a result of Wednesday’s OFAC action, all property and interests in property of these persons subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For identification details of the designees, see our OFAC Update.


Regulators' liquidity and funding risk management teleconference

FDIC FIL-55-2017, issued yesterday, announced that the FDIC, the Federal Reserve System, the OCC, and the Conference of State Bank Supervisors will jointly host a free teleconference to discuss trends in community bank liquidity and funds management and related supervisory guidance. The teleconference is scheduled for Monday, November 6, 2017, 2:00 – 3:00 p.m. EST. Advance registration is required.


Changes to Fed's check adjustments platform

Federal Reserve Financial Services has posted a notice that the Federal Reserve Banks are planning changes to the Check Adjustments platform in the fourth quarter of 2017. The changes will have no impact on submitting and receiving adjustments via either the FedLine Web or FedLine Advantage access solutions. A transition to the new platform is planned in a phased approach with the first phase starting in mid-November and the last phase concluding the first week in December 2017.


Leverage coverage ratio rule FAQ

OCC Bulletin 2017-44 and FDIC FIL-53-2017, issued yesterday, announced that the OCC and FDIC, with the Federal Reserve Board, have issued frequently asked questions (FAQs) on the liquidity coverage ratio (LCR) rule. The FAQs address:

  • Treatment of outflows from liquidity facilities to public sector entities in connection with variable rate demand note programs
  • Treatment of outflows for trusts
  • Determination of maturity for instruments with remote contingency call options
  • Treatment of outflows for trust ledger deposit accounts and custody assets
  • Treatment of multicurrency deposit balances
  • Treatment of inflows from secured loans to retail clients with open maturities
  • Treatment of eligible high-quality liquid assets and monetization in securities lending transactions
  • Treatment of certain deposits required to be held at a foreign central bank as foreign withdrawable reserves

The LCR rule applies only to depository institutions with $10 billion or more in total consolidated assets that are consolidated subsidiaries of internationally active banking organizations.


OCC to host New Mexico workshop for bank directors and management

The OCC will host a workshop in Albuquerque, New Mexico, December 4–6, for directors, senior management team members and other key executives of national community banks and federal savings associations supervised by the OCC. The Building Blocks for Directors workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation. The session is the final Building Blocks for Directors workshop scheduled for 2017.


Treasury opposition to CFPB arbitration rule

A report that examines the Consumer Financial Protection Bureau’s (CFPB) arbitration rule has been released by the Department of the Treasury. The report delves into the analysis CFPB used to prohibit mandatory arbitration clauses. It outlines important limitations to the data behind CFPB’s rule and argues that the CFPB did not appropriately consider whether prohibiting arbitration clauses would advance consumer protection or serve the public interest. The Treasury report said that:

  • The CFPB’s rule will impose extraordinary costs—generating more than 3,000 additional class action lawsuits over the next five years, imposing more than $500 million in additional legal defense fees, and transferring $330 million to plaintiffs’ lawyers;
  • The CFPB’s data show that the vast majority of class action lawsuits deliver no relief to the class—and that consumers very rarely claim relief available to them;
  • The CFPB did not show that its rule will achieve a necessary increase compliance with the federal consumer financial laws, despite the rule’s high costs; and
  • The CFPB failed to consider less onerous alternatives to its ban on mandatory arbitration clauses across market sectors.


OCC issues risk management principles

OCC Bulletin 2017-43, issued Friday, informs national banks, federal savings associations, and federal branches and agencies of foreign banks (collectively, banks) of the principles they should follow to prudently manage the risks associated with offering new, modified, or expanded products and services. Such changes should be developed and implemented consistently with sound risk management practices and should align with banks’ overall business plans and strategies. New activities should encourage fair access to financial services and fair treatment of consumers and should be in compliance with applicable laws and regulations. This bulletin rescinds and replaces:

  • OCC Bulletin 2004-20, “Risk Management of New, Expanded, or Modified Bank Products and Services: Risk Management Process,” issued on May 10, 2004
  • Office of Thrift Supervision Examination Handbook section 760, “New Activities and Services."


Guidance for financial institutions in California

FDIC FIL-52-2017, issued October 20, announced steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of California affected by wildfires.


FinCEN message to wildfire-impacted banks in California

FinCEN has posted a notice that financial institutions affected by the California wildfires should contact FinCEN and their functional regulator as soon as practicable to discuss any delays in their ability to file required Bank Secrecy Act reports. Institutions seeking to contact FinCEN should call the FinCEN Resource Center at 1-800-949-2732 and select option 8, or send an e-mail to the Center at

FinCEN has also posted a notice providing an extension to January 31, 2018, to California wildfire victims in nine eligible counties, for the filing of Reports of Foreign Bank and Financial Accounts (FBARs) for calendar year 2016.


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