FinCEN Names Money Laundering Bank
On July 17th, the Financial Crimes Enforcement Network (“FinCEN”) named FBME Bank Ltd., formerly known as the Federal Bank of the Middle East, as a foreign financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act. FinCEN Press Release.
CFPB Supervisory Guidance
On July 17th, the Consumer Financial Protection Bureau (“CFPB”) issued supervisory and enforcement guidance entitled “Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers
Transitioning to Mini-Correspondent Lenders,” which relates to the Bureau’s exercise of its authority to supervise and enforce compliance with RESPA and Regulation X and TILA and Regulation Z in certain transactions involving “mini-correspondent lenders.” 79 FR 41671.
FinCEN Publishes SARS Stats
On July 16th, the Financial Crimes Enforcement Network published the first issue of SARS Stats, the successor publication to The SAR Activity Review: By the Numbers. The issue examines data contained on the 1,369,529 unique FinCEN SARs (Form 111) with filing dates between March 1, 2012 and December 31, 2013, inclusive. The new format means that the data presented in this issue form a new baseline for financial sector reporting on suspicious activity.
CFPB Proposes to Make Consumer Complaints Public
On July 16th, the Consumer Financial Protection Bureau proposed a new policy that would allow consumers who submit a complaint to the CFPB to have the option of sharing their account of what happened in the CFPB’s public-facing Consumer Complaint Database. CFPB Press Release.
FinCEN Fines Money Services Business
On July 15th, the Financial Crimes Enforcement Network assessed a civil money penalty against Mian, Inc., doing business as Tower Package Store, a money services business. For almost three years, Mian committed significant and willful violations of the Bank Secrecy Act’s program and reporting requirements, committing numerous violations after being put on notice by their examiner of deficiencies in meeting its reporting obligations. Mian admitted to the registration and reporting violations and consented to the assessment of a $45,000 civil money penalty. FinCEN Press Release.