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OFAC issued the MAX penalty

Happy Friday? Two things: U.S. Department of the Treasury OFAC issued the MAX penalty of ~$216MM to a US-based VC fund GVA Capital. This is the longest period of time between OFAC penalties (it’s been a solid 5 months since the last one). Finally, a penalty to operationalize and learn from… and secondly, we have another episode up on FinCrime Unfiltered tying in risk assessments to whitewater rafting, Iranian oil smuggling schemes, and lessons learned from a consent order for Cheyenne State Bank.

The breakdown of the Federal Deposit Insurance Corporation

The breakdown of the Federal Deposit Insurance Corporation (FDIC)‘s consent order for Quaint Oak Bank in PA is below. While this order comes under the new administration, if you read between the lines (timelines), it really is from the prior administration, given that the exam issues were from mid-2023. A few lessons learned and reminders for all banks and CU

Avoid Penalties
Now

Sarah Beth Felix’s insights and achievements have been featured in renowned publications such as Financial Times, WSJ, CNBC, Reuters, and The Washington Post, among other esteemed outlets.