This is placeholder text continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr CUNA supports a Financial Crimes Enforcement Network (FinCEN) risk-assessment process and publication of national anti-money laundering (AML) priorities but cautions against the use of one-size-fits-all regulatory requirements. FinCEN issued an Advance Notice of Proposed Rulemaking on AML program effectiveness.“CUNA strongly supports FinCEN’s efforts to track and investigate financial crimes involving money laundering and terrorist financing and agrees that AML regulatory changes that eliminate redundancies and unnecessary burdens will help credit unions and other covered institutions streamline and focus their compliance efforts,” the letter reads. “Nevertheless, it is critically important to strike the right balance between the imposition of compliance costs on leanly staffed, community-oriented credit unions and the benefits that AML programs can provide to law enforcement.”According to the proposal, an “effective and reasonably designed” AML program can be broadly defined as one that:Identifies, assesses, and reasonably mitigates the risks resulting from illicit financial activity—including terrorist financing, money laundering, and other related financial crimes—consistent with both the institution’s risk profile and the risks communicated by relevant government authorities as national AML priorities; This post is currently collecting data…
Offshore accommodation specialist Prosafe has posted a net loss of $360 million in the third quarter of 2019, compared to a loss of $118 million a year ago.Safe Eurus / A Prosafe accommodation unit / Image copyright: Prosafe“Due to a prolonged downturn and weaker outlook in the North Sea, in particular, an impairment of $341 million has been made to the book value of vessels, resulting in marginalized book equity. Prosafe has adequate liquidity of $216 million,” Prosafe said.The company’s fleet utilization for the quarter was 48.2 percent, similar to 48.1 percent a year ago.“Based on firm commitments, the company maintains adequate liquidity beyond 2020. The company will initiate a dialogue with its lenders to ensure sufficient flexibility for the longer term. Going forward, the focus will be on further reducing the organization in response to the reduced and volatile activity level to reduce costs and preserve cash. Further, Prosafe will seek entry into new geographical markets and new segments,” the company said.Providing its take on the current market for offshore accommodation rigs Prosafe said that activity in the market has continued to decline during 2019, and the outlook for 2020 is lowered significantly with the largest impact in the North Sea. Prosafe said that it sees no tenders in the North Sea and with only a few contract opportunities anticipated in the next years, in Norway in particular.Outside of the North Sea region, Prosafe sees Brazil offering opportunities, although at lower rates. Two tenders are currently outstanding in Brazil, the company said. Apart from Brazil, Prosafe has stressed increasing focus on other markets including Mexico.Prosafe also said that long-term macro indicators remain positive based on a continued expectation of growth in demand for energy globally.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form, where you can also see our media kit.
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The Cavan county board have thanked Terry Hyland for his efforts while in charge of the county.It was confirmed yesterday that Hyland was stepping down.Cavan secured promotion to division 1 this year but went on to lose to Derry at home in the qualifiers after taking Tyrone to a replay in the Ulster semi final.