Comptroller of the Currency Curry on Bank Secrecy Act and AML Statutes

Comptroller of the Currency, Thomas J. Curry, spoke before the Committee on Banking, Housing Urban Affairs regarding actions which the OCC is taking to ensure that federal banks have sufficient controls in place to deny money launderers and others access to the banking system. The speech's highlights:

• The importance of the Bank Secrecy Act as an effective tool against financial crimes and the war against terrorism;
• Various recent enforcement actions against institutions that fail to meet the requirements of the BSA compliance program;
• The OCC's enforcement against smaller institutions intended to discourage money launderers migrating to these types of institutions.

View written testimony in full here (links externally to OCC website).
See also: Oral testimony; Senate Committee Hearing.