The U.S. thrift regulator, slated to shut its doors in July, has been spending its waning days levying more and larger monetary penalties against individuals tied to institutions subject to anti-money laundering enforcement actions. Since late 2008, the U.S. Treasury Department's Office of Thrift Supervision (OTS) has fined 32 individuals in at least six financial institutions a total of more than $300,000. The frequency of the penalties by the agency, which this month levied its largest ever fine against a former bank official, has been on the rise annually, according to its Web site. Typically, the fines have ranged from...
Examiners from the nation's regulator of large banks will have more time to look for anti-money laundering violations now that a new agency has assumed some responsibility for enforcing consumer protection rules.
Poor regulatory oversight noted in a congressional report this week extends beyond safety and soundness issues to lax Bank Secrecy Act enforcement, according to individuals who have worked with the thrift supervisor.
A federal court fined a north New Jersey bank $5 million Monday for willfully violating the Bank Secrecy Act in an attempt to disguise $35 million in suspicious transactions, including $5 million in structured deposits.