For those of you wondering if Cuba’s now open for business, the answer is “well … not quite yet.” While there has been some ease of the restrictions placed on Cuba, travel is not permitted without a general or specific license from the U.S. Department of the Treasury.
Unless you’ve been hiding under a rock or otherwise detached from the news during the past week, you’ve probably heard that the USA PATRIOT Act has expired. The story has been dominating headlines since midnight on Sunday, May 31, when the expiration officially took effect.
Feb. 6 through today—that’s just over a four-month span, but consider what has happened in that relative blink of an eye. Record-breaking snowfall crippled sections of New England. Multiple twisters ravaged parts of tornado alley. A U.S. hospital treated the 11th healthcare worker suffering from Ebola. The worst measles epidemic in years sparked fierce debates about vaccines. And an ISIS fringe group threatened the U.S. with a cyberattack.
For many banks, the struggle to manage IT in-house becomes time consuming and detracts from strategic initiatives. And when your IT systems go down or a user can’t access his or her account, managing IT becomes an urgent priority that you have to make time for.
A full discussion draft of Senate Banking Committee Chairman Richard Shelby’s regulatory relief bill was released on Tuesday, May 12. This legislation could mean some big changes are in store for community and regional banks.
The latest cybersecurity threats have bankers focused on such initiatives as DDoS, social engineering and external penetration. But while these concepts are important, they shouldn’t distract from the more commonplace areas. So, in the hierarchy of cybersecurity controls at your organization, where does email encryption fall?
Recently, I was browsing Facebook and saw a post that caught my eye. It was a photo of a small wooden board. There were clothes pins attached and a painted heading that read: “Sole Mates.” The idea is to hang this board in your laundry room, and whenever you find a single sock, pin it to the board in hopes the missing sock will show up and find its “mate.”
UDAAP: Is there a more concerning or confusing acronym in current financial regulatory jargon? This vague yet all-encompassing regulation is still in its infancy compared to many compliance laws, but its bite is proving as injurious as its initial bark had foreshadowed.
As CSI’s data services manager and resident watch list expert, I do everything I can to stay on top of the latest updates to the OFAC SDN and restricted party watch lists. And with no sign of the Ukrainian crisis letting up, I sat down with Doug Jacobson, an international trade attorney in Washington, D.C. who specializes in sanctions and export controls. He gave us an update on the U.S. sanctions on the Crimea region—and what this means for financial institutions and other companies.