The Office of the Comptroller of the Currency imposed a civil monetary penalty against a bank for failing to establish safe and sound practices with respect to its anti-money laundering operational framework and its "heightened standards" obligations.
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The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.
A federal savings bank settled OCC charges and FinCEN charges for violating Bank Secrecy Act regulations and failing to adequately implement anti-money laundering programs.
The OCC adopted a final rule amending its regulations that require suspicious activity reports to clarify the agency's limited authority to issue exemptions to national banks and federal savings associations.
FinCEN and the OCC penalized a Texas-based bank for willful violations of the Bank Secrecy Act and its implementing regulations.