Skip to content

Free Webinar: CDD/Beneficial Ownership — One Year Out
Thursday, May 11th - 1:00 PM CT

We're almost one year out from the new Customer Due Diligence (CDD) rule's deadline. Join us as we discuss all things CDD, including policies, procedures and training. We will help you prepare and discuss what steps your core, new account platform and AML software vendors are taking now to ensure you're compliant by May 2018. (Register here.)

Top Story Security Related

05/01/2017

NCUA April prohibition orders

The National Credit Union Administration reported that in April it issued five notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution. Four of those individuals had been ordered to make restitution in amounts ranging from a low of $5,180.63 to a high of $14.1 million.

04/28/2017

Saudi added to SDN list

OFAC has added the name of Mubarak Mohammed A Alotaibi, a Saudi national, to the Specially Designated Nationals List as a global terrorist. For identification information, see our OFAC Update.

04/26/2017

FATF evaluation of Sweden's AML/CFT system

The Financial Action Task Force (FATF) has conducted an assessment of Sweden’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations. The FATF indicates all the elements of Sweden’s AML/CFT supervisory system are in place, but there are weaknesses in applying risk-based supervision. Compliance by financial institutions and by designated non-financial businesses and professions (DNFBPs) of their obligations is generally adequate: large banks have made significant efforts to enhance AML/CFT compliance, but there is a need to improve smaller financial institutions’ and DNFBPs’ understanding of the risks they are exposed to. There are also several remaining areas where Sweden’s AML/CFT regulations should be updated to reflect the 2012 FATF standards, reports the FATF. The full report and an executive summary were made available

04/25/2017

271 indivIduals added to Syrian sanctions list

In one of the largest sanctions actions in its history, OFAC yesterday designated 271 employees of Syria's Scientific Studies and Research Center (SSRC), the Syrian government agency responsible for developing and producing non-conventional weapons and the means to deliver them. The action was taken in response to the April 4, 2017 sarin attack on innocent civilians in Khan Sheikhoun, Syria, by the regime of Syrian dictator Bashar al-Assad. This action was taken pursuant to E.O. 13582, which targets the Government of Syria and its supporters. As a result of this action, any property or interest in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked, and U.S. persons are generally prohibited from dealing with them. For further information, see our OFAC Update.

04/24/2017

Texas woman gets 15 years for financial crimes

U.S. Immigration and Customers Enforcement has announced that an El Paso woman was sentenced to 15 years in federal prison following her conviction for theft of government property and conspiracy to violate the Racketeering Influenced Corrupt Organization (RICO) statute. Dalia Valencia, who pleaded guilty in May 2016, was also ordered to pay over $80,000 in restitution to the families of her victims, and $49,897 to the Social Security Administration. A money judgment for $12,480,000 is to be paid jointly with her brothers Emmanuel Velasco Gurrola and Samuel Velasco Gurrola. Valencia is also to forfeit to the government real estate properties she owned in El Paso. Dalia Valencia's sister, Monica Velasco, remains a fugitive in this case.

04/24/2017

How to get an OFAC listing removed

Have you ever wondered when and how OFAC determines that an SDN listing should be removed? As you might imagine, the agency has a procedure for removals, and it has now released an FAQ on "Filing a Petition for Removal from an OFAC List."

04/21/2017

OFAC adds two businesses to SDN list

OFAC has announced the addition to its SDN Lists of two Mexican property management companies linked to Abigael Gonzalez Valencia, the leader of the Los Cuinis Drug Trafficking Organization (Los Cuinis DTO). OFAC designated these two Mexican companies today as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). As a result of that action, any assets the designees may have under U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For additional information, see our OFAC Update.

04/14/2017

OFAC adds SDN designations

The Treasury Department's Office of Foreign Assets Control (OFAC) has added one entity and six individuals to its SDN List with a combination of designations under OFAC's SDGT, LIBYA3, ISIL and IRAN-HR sanctions programs. See our OFAC Update for additional information.

04/13/2017

OFAC updates SDN List

The Office of Foreign Assets Control has added two individuals to its list of Specially Designated Nationals under its Central African Republic (CAR) sanctions. The office also removed a Zimbabwe sanctions listing. For additional information, see our OFAC Update.

04/11/2017

Fake check scams alert

The NCUA has issued a warning regarding fake check scams. The regulator has received numerous inquiries from consumers regarding fake checks. Scammers lure consumers into depositing a cashier’s check, money order, or other checking instrument from someone that they don’t know and wiring or sending money to the scammers. A check may take considerably longer to clear the financial institution that issued it before the funds can be collected. It could take days or even weeks to discover that the deposited check was fraudulent. The Federal Trade Commission has also recently issued a fake check scam alert.

Pages

Training View All

UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

Penalties View All

Search Top Stories