FIBA News and Alerts
FIBA News
FIBA ALERT From The Compliance Committee
The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL) to address the engagement by FDIC-supervised institutions in crypto-related activities. All FDIC-supervised institutions that intend to engage in, or that are currently...
Financial Crimes Enforcement Network (FinCEN) Advisory on Kleptocracy and Foreign Public Corruption – FIN 2022-A001
FinCEN issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption—a priority for the U.S. Government as it continues to implement the U.S. Strategy on...
OFAC Update: New Executive Order; Russia-related Designations and Designations Updates; Issuance of Russia-related General Licenses
The Office of Foreign Assets Control (OFAC) published Executive Order (E.O.) of April 6, 2022 “Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression”, to ban all new investment in...
What Does The Future Hold For Anti-Money Laundering Practices?
FIBA is recognized by the financial services industry, regulators, and law enforcement as a Center for Excellence for its knowledge and expertise in anti-money laundering compliance and its high-level education and training programs. When it comes to the future of...
David Schwartz Of The Financial and International Business Association (FIBA): Five Things You Need To Be A Highly Effective Leader During Turbulent Times
Be positive — It is important to be an optimist even in the most difficult of circumstances. This creates a positive atmosphere and motivates employees. We have continued to be optimistic even during the darkest days of the pandemic and this helped motivate the...
NextPlay Technologies, Inc. (Nasdaq: NXTP)
NextPlay Technologies, Inc. (Nasdaq: NXTP), announced that NextBank International, the international banking unit of its fintech division, has signed a Memorandum of Understanding (‘MOU’) with Alphabit Consulting Pte. Ltd., to provide deposit accounts and...
Former Florida Comptroller Gerald Lewis dies at age 87
It is with the greatest sadness that we inform you of the passing of Gerald Lewis, former Florida Comptroller. Gerald Alvin "Jerry" Lewis (born March 31, 1934) was an American attorney who was the 26th Comptroller of the State of Florida, servicing from January 7,...
FIBA to Launch FIBATech Conference to Facilitate Relationships Between FinTechs and Banks
(Miami, August 3rd 2017) – Florida International Bankers Association (FIBA) has announced a new event that will be taking place in Miami, Florida on Wednesday, August 30th to connect FinTechs and banks titled “FIBATech.” David Schwartz, President and CEO, FIBA: “I am...
FIBA’s New Website Platform Connects Professionals Globally
Miami, Florida – April 19, 2017 – FIBA, The Florida International Bankers Association, has released a technology platform with endless possibilities to connect professionals from all over the world. In a digitally interactive society, it is a priority to...
Q&A with FIBA chair Teresa Foxx on the road ahead for Florida banking
Teresa Foxx has taken over the Florida International Bankers Association at a crucial time. Local banks have recovered from the recession and are back on their feet. But federal and international regulations are putting strain on some financial institutions by asking...
EDUCATION & TRAINING
New AMLCA for the Casino Sector Begins in June
By: Sofia Villalobos Miami, Florida – April 26, 2017 – After over ten years of offering the Anti-Money Laundering Certified Associate (AMLCA) certification, FIBA – The Florida International Bankers Association, is providing professionals in the casino services...
FIBA Releases a Newly Updated Online AMLCA Course in Partnership with FIU
Miami, Florida – April 13, 2017 – FIBA, The Florida International Bankers Association – continues its professional development excellence but this time with a fresh, modern look. For many years, FIBA has provided professionals in the financial services sector...
Miami banking leaders share menu of sought-after qualities
A scan of job openings in Miami's banking industry shows that every post — ranging from junior financial analyst for an international client to senior regulatory compliance officer —requires "good communication skills, accuracy and efficiency, cooperative personality...
77 students graduate from 2015 Future Bankers’ Camp
77 students graduate from 2015 Future Bankers’ CampA record 77 students — most of them incoming seniors in Miami-Dade public schools from low- and middle-income families — have graduated from this year’s Future Bankers’ Camp. The innovative four-week camp, which ended...
FIBA unveils banking tele-education to expand international presence
Jun 24, 2015, 2:51pm EDT Updated Jun 24, 2015, 7:00pm EDT Miami-based FIBA took a step into the tech world Wednesday, unveiling its Institute for Financial Education: A Global Center of Excellence. About 50 people attended the unveiling’s event at the FIBA...
FIBA & FIU Partner with Dominican Association to Deliver Country’s First Casino-Centric AML Training
Casino gaming is omnipresent throughout the Caribbean, and the Dominican Republic is no exception. Attracting millions of tourists and generating substantial revenue every year, the island nation is one of the largest gaming jurisdictions in the region and its...
FIBA y FIU se unen con Asociación Dominicana: Ofrecen Primer Entrenamiento AML Aplicado a Casinos
Los juegos de casino están omnipresentes en todo el Caribe; la República Dominicana no es una excepción. Atrayendo a millones de turistas y generando ingresos sustanciales cada año, la nación isleña es una de las jurisdicciones de juego más grandes de la región y su...
La UAF y FIBA suscriben convenio de capacitación contra el Lavado de Activos
Santo Domingo, Abril 22, 2019 – La Unidad de Análisis Financiero (UAF) y la Asociación Internacional de Banqueros de la Florida (FIBA por sus siglas en inglés) suscribieron un acuerdo de colaboración con el objetivo de ofrecer capacitaciones, incluyendo la...
LEGAL & REGULATORY AFFAIRS
FIBA LARA Alert – OFR Virtual Currency
In case you missed it, please see the attached Virtual Currency and Digital Asset Guidance for Financial Institutions issued by the Florida Office of Financial Regulation last Friday. FIBA is proud to have worked with the OFR on this guidance and continues to...
The Fed’s Plan to Shrink its Balance Sheet is a Risky Proposition
The Fed’s Plan to Shrink its Balance Sheet is a Risky Proposition Tuesday, July 11, 2017Posted by: Manuel Lasaga, Ph.D. At its June 2017 FOMC meeting, the Federal Reserve Bank (the Fed), approved a Plan aimed at reducing the size of the Fed, which currently...
FIBA Welcomes the Revised Florida International Banking Legislation
Miami, Florida – June 19, 2017 – The Florida International Bankers Association (“FIBA”), is pleased and proud to inform its members and the public that Governor Rick Scott signed into law the revised Chapter 663 - International Banking Code. The legislation...
U.S. banks should weigh growing laundering risks posed by Venezuela experts
Thomson Reuters AccelusBrett Wolf, Regulatory Intelligence As Venezuela descends into chaos with protesters and security forces violently clashing in the streets of Caracas, antimony laundering compliance officers in Miami and elsewhere in the United States must...
International banks in Miami grow loans, deposits – database
International bank branches in Miami increased loans by $790.8 million, or 12.86 percent, in 2014. That’s a $338 million increase over the loan growth seen in 2013, despite ever-increasing compliance and regulatory requirements. Miami is seen as a hub of international...
FIBA LARA ALERT
FIBA Gets Clarification from FinCEN on MRB Reporting On June 22nd, FIBA received FinCEN’s response to its September 2020 request for guidance on the applicability of FinCEN’s 2014 guidance on BSA expectations surrounding Marijuana-related businesses (“MRB’s”). FIBA’s...
FIBA LARA ALERT
Despite the stalled emergence from the COVID-19 pandemic, courts and regulatory authorities continue to shape and impact the way cross–border financial business is done. Recently, OFAC, the Department of Justice, a New York federal district court, and the Second...
FinCEN Announces Proposed Regulations to Implement Corporate Transparency Act Requirement
Please see the Alert from our member Holland & Knight regarding the Notice of Proposed Rulemaking (NPRM) for the Corporate Transparency Act (CTA) issued by FinCEN on December 7th. LARA will be meeting in January and, after an in-depth analysis, submitting a...
FinCEN Launches Rulemaking Process to Implement Reporting Requirements for Real Estate Sector
Please see the Alert from our member Greenberg Traurig regarding the Advanced Notice of Proposed Rulemaking (ANPRM) for certain persons involved in real estate transactions. LARA will be meeting in January and, after an in-depth analysis, submitting a comment letter...
FIBA Goes to Tallahassee: Members Join High-Level Talks on Virtual Currency Regulation
With the recent explosion of cryptocurrencies and related businesses, regulators throughout the world are finding themselves increasingly under pressure to define the landscape. Stakeholders are now demanding appropriate legal frameworks that will provide protections...
TRADE FINANCE
Tracking Transaction Banking Transitions – Trade Finance
Tracking Transaction Banking Transitions – Chris Principe Since the financial crisis, banks have actively sought to make up lost revenues from mortgages, derivatives and other risky lending. The challenge has been to find new revenue streams which provide the...
Compañías de EEUU ponen a prueba límites del embargo a Cuba
JUNIO 25, 2016 4:55 PM POR NORA GÁMEZ TORRES ngameztorres@elnuevoherald.com Los estadounidenses que viajen a Cuba podrán usar una tarjeta de crédito Mastercard expedida por el banco de la Florida, Stonegate, según anunció la compañía este mes. Pero, ¿qué pasa si el...
International business links via film, banking spotlighted
Miami has long been known as the gateway to Latin America with its strong logistics industry and second most important international banking hub after New York. Now, with our port ready for increased trade opportunities from the expanded Panama Canal and Miami...
Florida bankers debate business opportunities in Cuba
Leaders of two major Florida banking groups have opposing views on the prospects of doing business in Cuba, now that President Obama has decided to restore economic ties with the island nation. Looser rules on money transfers and exports to Cuba represent "a...
EXIM Bank lapse leaves big trade gap
Written by Carla Vianna on July 7, 2015 Log on to the Export-Import Bank of the United States website and users will be greeted with a message typed in 50-size-font capital letters: AUTHORIZATION HAS LAPSED. “Due to a lapse in EXIM Bank’s authority, as of...
Tracking Transaction Banking Transitions – Trade Finance
Since the financial crisis, banks have actively sought to make up lost revenues from mortgages, derivatives and other risky lending. The challenge has been to find new revenue streams which provide the opportunities for...
FIBA ALERTS