Banks Still Struggling with SARs, Training, Latest FDIC Enforcement Actions Show

By Brian Monroe

As lawmakers and banking compliance professionals turn their attention to the burgeoning credit crisis, the Federal Deposit Insurance Corp. has issued a dozen Bank Secrecy Act-related enforcement actions in recent months, serving as a warning to financial institutions not to skimp on their anti-money laundering efforts. The FDIC, the primary regulator for some 5,250 institutions, issued 18 enforcement actions from August 1 to October 31, of which 12 identified BSA violations. The actions all were published on the FDIC's Web site over the past two weeks, a standard practice by the agency. The actions primarily identify deficiencies in three familiar...