Links in “BSA/AML”
- Compliance Issues Cited in 2 of 3 OCC C&Ds
Among other items in their cease-and-desist orders, an Arkansas bank was ordered to strengthen compliance with Bank Secrecy Act, and a Michigan bank was ordered to form a compliance committee. [11/19]
- OCC Speaks Out on BSA
Speech at the ABA conference presents a renewed emphasis for FIs to promote a culture of BSA compliance, utilize technology and focus on holistic approach to BSA compliance. [11/18]
- AML Violations for Processing $19 Million in Shell Corporation Checks
Check cashing company violates anti-money-laundering requirements of the Bank Secrecy Act for processing $19 million in shell corporation checks between June 2009 and June 2011. [11/6]
- United Bank Limited Ordered to Fix Its AML Program
Pakistani-based United Bank Limited's New York branch has entered an agreement with federal government to strengthen oversight of international remittances and bolster compliance with anti-money laundering regs. [11/4]
- New FinCEN FactSheet on 314(b)
FactSheet gives 5 Ws of 314(b), which can be a critical element of an FI's BSA/AML program when effectively utilized. Progression in BSA/AML world towards more analysis of complex activities often necessitates participation in 314(b). [11/1]
- “AML Drift” Leading to Gaps in Compliance
Report finds that the anti-money laundering efforts of many financial institutions are slipping, even as regulators are turning up the heat. [10/30]
- OCC Takes Enforcement Actions Against 3 Banks for AML Problems
$480 million Los Angeles bank ordered to strengthen defenses against money laundering and financial crime activities; TD Bank in Delaware was hits with a $37.5 million civil money penalty for failing to report suspicious activity; and a now-defunct bank in New Jersey was ordered to pay a $4 million civil money penalty for failing to properly monitor its relationship with currency exchange houses. [10/21]
- Fed Hits Commerzbank with C&D for AML Issues
New York branch of Germany's Commerzbank hit with a cease-and-desist order after failing to pass its compliance exam; bank will be required to hire an independent consultant to search for suspicious activity and revise its risk-rating program. [10/21]
- Money Laundering Case Studies as Training Tools
IRS and FBI websites offer case studies of money laundering and structuring investigations, which can be useful training tools for frontline personnel. [10/16]
- Squeeze on “Politically Incorrect” Businesses Continues
Push by FDIC appears to be related to Chase's internal review of companies that pose a greater risk of fraud or money laundering and are viewed as risky, including payday lenders, pawnshops, check cashing businesses, and certain automobile dealers. [10/10]
