The Federal Reserve Board, FDIC, National Credit Union Administration and OCC (each, an "Agency") explained the circumstances under which an Agency will issue a mandatory cease and desist order or initiate an enforcement action for violating Bank Secrecy Act and AML requirements.
A foreign bank entered into a consent agreement with the Board of Governors of the Federal Reserve System. The bank agreed to strengthen its sanctions screening systems and Bank Secrecy Act/Anti-Money Laundering processes.
The Board of Governors of the Federal Reserve System, FDIC, National Credit Union Administration, Office of the Comptroller of the Currency and U.S. Treasury Financial Crimes Enforcement Network issued guidance on applying customer identification program requirements to prepaid cards issued by banks.
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