FinCEN recently released the 20th issue of the SAR Activity Review --Trends, Tips, and Issues. Inside are articles addressing SARs and Remote Deposit Capture risks, Organized Retail Crime, Health Care Fraud, Elder Financial Exploitation, and More.
The Office of Foreign Assets Control (``OFAC'') published the names of five newly-designated individuals whose property and interests in property are blocked pursuant to Executive Order 13224 of September 23, 2001, ``Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism. Read More in the Federal Register.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) delivered to the Federal Register a final rule to implement section 104(e) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA) to complement Treasury's ongoing efforts to protect the international financial system from abuse by Iran. The final rule will become effective upon publication in the Federal Register.
CISADA requires the Secretary of the Treasury to issue regulations that impose certain requirements on U.S. banks. The rule issued today requires a U.S. bank, upon request from FinCEN, to inquire of specified foreign banks for which the U.S. bank maintains a correspondent account, and report to the Treasury Department, with respect to whether each foreign bank:
• Maintains a correspondent account for an Iranian-linked financial institution designated under the International Emergency Economic Powers Act (IEEPA);
• Has processed one or more transfers of funds within the preceding 90 calendar days for or on behalf of, directly or indirectly, an Iranian-linked financial institution designated under IEEPA, other than through a correspondent account; or
• Has processed one or more transfers of funds within the preceding 90 calendar days for or on behalf of, directly or indirectly, Iran's Islamic Revolutionary Guard Corps (IRGC) or any of its agents or affiliates designated under IEEPA.
Read the full CISADA factsheet Here.
Data breaches have taken over theft of physical assets as the No. 1 fraud type, with most data theft occurring in the financial services industry. To avoid crippling financial damage and loss of member trust, credit unions must implement measures to prevent breaches and have a solid mitigation plan if one occurs, said CUNA Mutual Group. Read More
The National Credit Union Administration has issued a Letter to Credit Unions (11-CU-15) to provide guidance in answering members' questions that might be sparked by upcoming changes to the U.S. Savings Bond program. Read More
Yesterday, the Treasury Department’s Office of Foreign Assets Control (‘‘OFAC’’), in three separate Federal Register Notices, issued the names of individuals whose property and interests in property have been unblocked.
First Notice Second Notice Third Notice
The Financial Regulatory Responsibility Act of 2011 (S. 1615), introduced by Sen. Richard Shelby (R-Ala.), "could prove to be beneficial to credit unions if enacted," CUNA's Ryan Donovan said Wednesday. Read More
The National Association of State Credit Union Supervisors has urged the National Credit Union Administration to reconsider its proposed additions to rules governing credit union service organizations and adopt a more targeted approach to oversight. Read More