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Ensuring AML Programs Minimize Personal Liability

Abrigo

LaFontaine failed to take sufficient action when presented with significant AML program deficiencies in the Bank’s SAR-monitoring system and the number of staff to fulfill the AML compliance role by his AMLO [AML Officer],” the document said. The regulators don’t care what your budget is,” Luttrell says. Get adequate resources.

Resources 195
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CFPB finalizes Regulation Z changes to address discontinuation of LIBOR index

CFPB Monitor

The CFPB has issued a final rule amending Regulation Z to address the discontinuation of the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products. Change in index. Dollar LIBOR indices. (The

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NY DFS announces multistate investigation of payroll advance industry

CFPB Monitor

The New York Department of Financial Services (DFS) issued a press release yesterday to announce that it is leading a multistate investigation into the payroll advance industry. Under former Director Cordray’s leadership, the CFPB took action against structured settlement and pension advance companies.

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FinCEN and OCC address cryptocurrency: responsible innovation and pervasive hype

CFPB Monitor

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.” Responsible Innovation “.

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Walmart Bribery Probe Ends With A Whimper

PYMNTS

In April 2012, The New York Times reported that Walmart officials had paid $24 million in alleged bribes in Mexico and then shut down an internal investigation into the matter. Walmart has spent more than $730 million since 2012 responding to the allegations and revamping its compliance infrastructure.

New York 100
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CFPB, joined by South Carolina Dept. of Consumer Affairs and Arkansas AG, files lawsuit targeting service providers to pension advance products structured as purchases

CFPB Monitor

The new lawsuit indicates that not only companies offering financial products structured as purchases should expect continued CFPB scrutiny under Director Kraninger’s leadership, particularly where the products are marketed to veterans, but also indicates that service providers to such companies should expect such scrutiny.

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2021 GonzoBanker Awards

Gonzobanker

CAP COM and SEFCU in New York come to together to create an $8 billion cooperative organization. Simultaneously the bank invested in Paladin Fraud, Trabian Technology, and Chartwell Compliance to provide compliance and risk management solutions in the complex and connected web of fintech partnerships.

Fintech 133