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Our hard working and very capable compliance specialists are always monitoring the various regulatory agencies to keep you up to date and informed.

Compliance Alert - November 2016

The Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network Issues Cyber-Crime Alert

The Financial Crimes Enforcement Network (FinCEN) disseminated an advisory to financial institutions on the significant threat cyber-enabled crimes and events pose to the U.S. financial system and its customers. Similarly, FinCEN emphasized the important role all financial institutions play in the fight against cyber criminals and cyber-related events and crime.


Federal Deposit Insurance Corporation (FDIC)

The Federal Deposit Insurance Corporation Issues Final Recordkeeping Rule to Deposit Institutions

The Federal Deposit Insurance Corporation (FDIC) released a final recordkeeping rule for deposit institutions in the event of a

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Compliance Alert - October 2016

 

OCC

Office of the Comptroller of the Currency (OCC)

The Office of the Comptroller of the Currency and The Federal Reserve Board Ban Issue Banking Industry Bans

 

Two former HSBC plc foreign exchange cash trading executives were indicted on criminal wire fraud charges. The indictment alleges the head of the foreign exchange trading desks and his direct report misrepresented details of a large, pending currency transaction to a HSBC client. Additionally, the indictment also alleges that both employees benefitted from a trade at the expense of the same HSBC client. The Federal Reserve Board (FRB) has banned both former

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Compliance Alert - September 2016

CFPB

Consumer Financial Protection Bureau (CFPB)

Several banking trade groups petition for more time to comply with Military Lending Act (MLA) final rule

The Department of Defense’s (DoD) Military Lending Act (MLA) final rule took effect October 1, 2015. Testing of banks’ compliance with this rule was scheduled for early next month. However, several banking trade groups including the American Banker Association are seeking a six-month extension, until March 3, 2017, before federal bank regulators begin testing compliance with this new rule. Late issuance of DoD interpretive guidance is cited as the primary reason for this request. Consequently, the industry contends

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Compliance Alert - August 2016

CFPB

Consumer Financial Protection Bureau (CFPB)

Announces New Rule

According to the CFPB website “the new rule is amending certain mortgage servicing rules that were issued by the bureau in 2013. This new rule will serve to clarify, revise or amend existing legislation regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X. The rule addresses proper compliance regarding certain servicing requirements when a person is a potential or confirmed successor in interest, a debtor in bankruptcy, or sends a cease communication request under the Fair Debt Collection Practices Act. “

The new rule is also

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Compliance Alert - July 2016

Financial Crimes Enforcement Network (FinCEN)

FinCEN Issued an Interim Final Rule

FinCEN Issued an Interim Final Rule which requires inflation adjustments for civil monetary penalties. In accordance with the foundations outlined within the Bipartisan Budget Act of 2015.

FinCEN proposes to amend BSA definitions to include Funding Portals

FinCEN proposes to amend the Bank Secrecy Act’s (BSA) definition of Broker-Dealer in securities to include Funding Portals. This change would make certain that Funding Portals implement policies and procedures which would more easily achieve compliance with BSA requirements, including the filing of suspicious activity reports, currently applicable to brokers or dealers

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Compliance Alert - March 2016

Financial Crimes Enforcement Network (FinCEN)

FinCEN proposes revisions to Currency Transaction Report (CTR).

On February 2 nd , the Financial Crimes Enforcement Network (FinCEN) proposed amendments to the CTR to remedy some of the limitations of the current BCTR. The proposed notice does not propose any new regulatory requirements or changes to the requirements related to actual reporting, but rather seeks input on technical matters designed to improve the layout and reporting of the BCTR.

FinCEN withdraws findings and proposed rulemakings.

On February 19 th , FinCEN announced that it was withdrawing three findings and related proposed rulemakings under Section 311 of

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Compliance Alert - February 2016

Financial Crimes Enforcement Network (FinCEN)

Geographic Targeting Orders issued.

On January 13 th , the Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential real estate in Manhattan, New York City as well as in Miami-Dad County, Florida. FinCEN is using its risk-based approach to combat money laundering in the real estate sector. The GTOs are effective from March 1, 2016 through August 27, 2016.

Advisory issued for AML/CFT deficiencies.

On January 19 th , FinCEN issued

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Compliance Alert - January 2016

Financial Crimes Enforcement Network (FinCEN)

FBAR filing postponed.

The Financial Crimes Enforcement Network (FinCEN) has extended the filing deadline for the Report of Foreign Bank and Financial Accounts (FBAR) to April 15, 2017. This extension applies to the reporting of signature authority held during the 2015 calendar year. For all other individuals with an FBAR filing obligation, the filing due date remains June 30, 2016.

Enforcement action leads to $650,000 settlement.

On December 17, 2015, FinCEN announced its settlement with a “card club” gaming establishment, the Oaks Card Club of California. The club admitted to violating the program and reporting

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