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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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Third quarter Call Report instructions

FDIC FIL-49-2017, jointly released yesterday by the FDIC, OCC and the Board of Governors, included materials and instructions pertaining to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2017, report date.


State Department revoking Sudan Sanctions

The State Department issued a statement on Friday announcing the decision to revoke economic sanctions with respect to Sudan and its government, in recognition of the Government of Sudan’s sustained positive actions to maintain a cessation of hostilities in conflict areas in Sudan, improve humanitarian access throughout Sudan, and maintain cooperation with the United States on addressing regional conflicts and the threat of terrorism. The revocation will be effective October 12, 2017.

The Treasury Department's Office of Foreign Assets Control has posted a notice that it has published new Frequently Asked Questions regarding action by the State Department to revoke the sanctions, as well as a new general license authorizing certain transactions pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000.

UPDATE: On October 12, 2017, OFAC issued a Specially Designated Nationals List Update with a long list of Sudan Sanctions removals.


Regulator teleconference on proposed capital rule changes

FDIC FIL-48-2017, issued Friday, announces that the FDIC, the OCC, and FRB will host an interagency conference call/webinar on Thursday, October 12, 2017, at 1:00 p.m. Eastern Time. Topics to be addressed are the proposed changes to the capital rules related to the treatment of acquisition, development or construction (ADC) loans, items subject to threshold deduction, and minority interests includable in regulatory capital. The FIL includes instructions and weblinks for joining the webinar or teleconference.


Noreika discusses reducing regulatory burden

Acting Comptroller of the Currency Keith A. Noreika discussed efforts to reduce regulatory burden and expand economic opportunity. In his remarks at the Midsize Bank Coalition of America Chief Risk Officer meeting in Dallas, the Acting Comptroller also highlighted risks facing those banks and the federal banking system.


OCC to hold workshops in Louisville

The OCC will host two workshops at the Holiday Inn Louisville Airport, Louisville, Kentucky, November 14-15, for directors of national community banks and federal savings associations.The Credit Risk workshop on November 14 focuses on credit risk within the loan portfolio. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on November 15 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.


October FedFocus released

Federal Reserve Bank Services has released the October 2017 issue of FedFocus, which features an article about the Federal Reserve's next steps in the payments improvement effort.


Company pays $372,465 to settle OFAC violation

OFAC has announced a $372,465 settlement with BD White Birch Investment LLC (“White Birch USA”) headquartered in Greenwich, Connecticut, to settle White Birch USA’s potential civil liability for three apparent violations of the Sudanese Sanctions Regulations.  White Birch USA appears to have violated those regulations when it facilitated the sale and shipment of 543.952 metric tons of Canadian-origin paper from Canada to Sudan with a value of $354,602.26.  These export transactions occurred in April and December 2013. Various personnel within White Birch USA and its Canadian subsidiary, White Birch Paper Canada Company NSULC, were actively involved in discussing, arranging, and executing the export transactions to Sudan.  OFAC determined that White Birch USA did not voluntarily self-disclose the apparent violations to OFAC, and that the apparent violations constitute a non-egregious case.


Fed releases bank reports

The Federal Reserve has released reports of large commercial banks and minority-owned depository institutions as of March 31, 2017.


OFAC SDN list removals and updates

OFAC has deleted entries (including aliases) for four individuals and one entity from the SDN List. In addition, changes have been made to entries of seven entities. For specific information see BankersOnline's OFAC Update.


NCUA proposes advertising rule change

The NCUA has published [82 FR 46173] a proposed rule that would amend its rules at 12 CFR part 740 (Accuracy of Advertising and Notice of Insured Status) to add a fourth version of its official advertising statement -- Insured by NCUA -- to those allowed for use by federally-insured credit unions, to expand a current exemption from the advertising statement requirement for radio and television advertisements to those under 30 seconds in duration (currently, only those under 15 seconds are exempted), and to remove a requirement that the advertising statement appear on statements of condition. Comments are due by December 4, 2017.


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