Canada Deposit Insurance Corporation (CDIC) | Société d'assurance-dépôts du Canada (SADC)’s Post

The Wolfsberg Group recently announced its submission of its response to the UK’s HM Treasury consultation on improving the effectiveness of the Money Laundering Regulations 2017 (MLRs). This consultation is part of a broader initiative under the Economic Crime Plan 2023-26. The group's response addresses two core themes of the consultation: 1. making customer due diligence more proportionate and effective, and 2. strengthening system coordination #aml #cft #cdd https://lnkd.in/ewgMu_da

The #Senate on Wednesday approved stricter rules against #money laundering, extending the range of entities that will have to vet their clients for possible money laundering to include #insolvency administrators, restructuring #administrators and operators of online #lotteries and online #bingo. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #online #cz #czechia

*Settlements Wednesday 26.6.2024* 1. *We are looking for sender Danfidem Liability Company for 10B + 100B done* to Alqandeel. We need sanitized slips + PGL for both 10B and 100B. Receiver wants to payout both 2. *We are looking for Solaris 50B to do payout. ECB involved + bankers. Ratio 30* (20 sender l; 5 bankers, 2.5 + 2.5 brokers). Any ratio beyond ECB set ratio of 30% won't be entertained

The FDIC adopted a revamped rule setting forth resolution planning requirements for insured depository institutions with total assets of $50 billion or more, with greater requirements for those with total assets of $100 billion or more. Read more here: https://ow.ly/IMGt50Ss5Uv #FDIC

📝 Stay informed about the latest FDIC regulations! The new advertising rule has more implications than you might think. Discover what it means for your bank and how to stay compliant in our latest article. Don't miss out on these crucial insights—protect your bank and your customers. #CBAofGA #FDIC #BankCompliance #CommunityBanking https://buff.ly/4gfuOs6

Seeking data for better evaluation of deposit stability, the directors of the FDIC unanimously voted to publish a request for information focused on deposit data that is not currently collected in insured depository institution reports of consolidated income and condition or other regular reporting. Read more: https://lnkd.in/edGnTNF2 #FinancialInstitutions #FDIC

ICS is a great tool to enhance your banking relationship with safety and soundness.

Did you know that an Insured Cash Sweep® account allows you to do business with a bank you trust and enjoy FDIC coverage, too? In this article, Jason Olson CTP gives answers to 5 FAQs about this unique service. #SmallBusiness #SmallBusinessBanking #SmallBusinessFinancing Read the full article today: https://lnkd.in/gQNsDP24 Member FDIC

FDIC publicized a few enforcement actions yesterday, including this one. A few notes: (i) classic credit risk consent order (used to be the norm, but feels increasingly few and far between nowadays), (ii) the concentrations are in "individual and closely related" loan concentrations (so, insider loans?), (iii) a management succession plan (a.k.a, an invitation for takeover bids), and (iv) a minimum leverage ratio of 9.5%.

Interesting - in an FDIC enforcement action against Comenity (an Order to Pay), the FDIC found that Comenity violated UDAP related to its reward program and processing of automatic payments when it converted its internal core system platform to an external core system platform. There's no further information provided. Clearly some issue occurred. Technology transitions can be tricky, and moving core systems especially. The civil money penalty is $1,000,000, so it's not a huge amount. The FDIC prohibits the bank from seeking indemnification for this amount. See link to FDIC enforcement actions in the comments.