Tuesday, January 26, 2021

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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Yellen confirmed to head Treasury Department
In an 84-15 vote, the Senate yesterday confirmed Janet Yellen to be Secretary of the Treasury. Dr. Yellen will be the first woman to lead the Treasury Department, and only the second person to head both the Federal Reserve System and Treasury.

How to Effectively Manage High-Risk Customers
This eBook discusses the challenges of conventional approaches to managing high-risk customers and highlights four key areas of focus to strengthen CDD/EDD. Learn how to make high-risk customer management more effective and efficient, and enhance your overall BSA/AML program.
— Verafin

Harper to chair NCUA board
President Biden has designated National Credit Union Administration board member Todd M. Harper as the twelfth chairman of the NCUA Board. Harper succeeds Rodney Hood, who was designated board chairman in April 2019.

Federal Reserve prohibition orders
Our review of the records on the Federal Reserve Board's website reveals that in the last quarter of 2020, the Federal Reserve Banks issued three letters of prohibition from the banking industry for criminal convictions or entering into pretrial diversion or similar programs, for crimes involving dishonest or breach of trust.
  • A former employee of Farmers and Merchants Bank, Long Beach, California, who was convicted and found guilty on counts of conspiracy, bank fraud, false statement to obtain credit, wire fraud, mail fraud, and misappropriation (Federal Reserve Bank of San Francisco)
  • A former employee of Peoples Bank & Trust Company, Hazard, Kentucky, who entered into a pretrial diversion or similar program in connection with an indictment that charged her with theft by deception (Federal Reserve Bank of Cleveland)
  • A former employee of First Community Bank, Bluefield, Virginia, who was convicted upon a plea of guilty of embezzlement (Federal Reserve Bank of Richmond)
OFAC upgrades SDN List search tool
OFAC has announced an upgrade of its sanctions list search tool. The fuzzy logic has been made more resource efficient. That was done to improve the performance of Sanctions List Search and make it more responsive. Users may see differences between search results from the previous version of the tool and the newer version.

New General License
OFAC also issued new counter terrorism-related General License 13 and revised a related FAQ.

FedNow pilot program participants named
Federal Reserve Services has announced that more than 110 organizations are participating in the pilot program for their upcoming instant payments offering, the FedNow Service. The pilot will support development, testing and adoption of the FedNow Service, as well as encourage development of services and use cases that leverage FedNow functionality. A key objective in selecting participants for the pilot was to ensure diverse representation across financial institutions and service providers, connection types, settlement arrangements and experience levels.

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