Monday, August 19, 2019

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
The Minimum BSA/AML Compliance Standard

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— GlobalVision Systems, Inc.

HUD proposes Disparate Impact rule
HUD has published a proposed rule in today's Federal Register that would amend HUD's interpretation of the Fair Housing Act's disparate impact standard to better reflect the Supreme Court's 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., and to provide clarification regarding the application of the standard to state laws governing the business of insurance. Comments on the proposal are due by October 18, 2019.

Bank prepares for tomorrow and prevents more than $1M in fraud losses, today.
Case Study
Within four weeks of going live with Verafin, United Community Bank was able to detect and prevent $335K of fraud loss, and that savings continued to grow - before the end of week seven, United saw significant ROI and had surpassed $1M in fraud prevention with Verafin.
— Verafin

SEC continues pursuit of ADR violations
The SEC has announced that broker Cantor Fitzgerald & Co. will pay more than $647,000, and broker BMO Capital Markets Corporation will pay over $3.9 million to settle charges of improper handling of "pre-released" American Depositary Receipts (ADRs). "The SEC continues to hold accountable parties that abused the ADR markets over an extended period of time," said Sanjay Wadhwa, Senior Associate Director for Enforcement in the SEC's New York Regional Office. "U.S. investors who invest in foreign companies through ADRs have a right to expect that market professionals aren't gaming the system."

Free Guide: Top 10 Emerging Compliance Initiatives for 2020
Download Your Free Guide to Learn the New Trends and Plan Ahead for Next Year
Compliance and Risk Management requirements are essential but challenging and complex areas for companies to manage. 360factors' free guide is specifically focused on the top emerging compliance initiatives that many banks and financial service companies expect to implement and/or improve in 2020.
— 360factors

CFPB private ed loan ombudsman appointed
The CFPB has announced the appointment of Robert G. Cameron to serve as the Bureau's private education loan ombudsman. The ombudsman is responsible for receiving, reviewing, and attempting to resolve complaints from private student loan borrowers. The ombudsman is also responsible for compiling and analyzing complaint data on private education loans and making appropriate recommendations to the Secretary of the Treasury, the Bureau Director, the Secretary of Education, and Congress.

Maryland insurer pays $345K to settle OFAC liability
OFAC has announced that Atradius Trade Credit Insurance, Inc., of Hunt Valley, Maryland, a trade credit insurer licensed to operate in the state of Maryland, has agreed to remit $345,315 to settle its potential civil liability for two apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations.

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