The number of enforcement actions issued by the U.S. Office of the Comptroller of the Currency for anti-money laundering compliance violations decreased for the second year in a row in 2007, according to an OCC official. Formal AML-related enforcement actions issued by the OCC have more than halved since 2005, from 32 actions in 2005 to 12 during the first three quarters of 2007, as the number of terminated actions have more than double in the same period, Dan Stipano, the agency's deputy chief counsel, said Wednesday at an AML conference in New York. Informal AML actions, for which the...
The bank will forfeit $21.6 million in a deferred prosecution agreement with the U.S. Justice Department and pay a $10 million penalty for failing to adequately monitor a Mexican money transfer business that moved millions of dollars in illegal drug proceeds through the bank.
The charges against Lagos, Nigeria based United Bank for Africa PLC stem from incidents involving two of the bank's New York branch customer accounts, including one controlled by the bank's former chairman.
The Office of the Comptroller of the Currency cited a Hong Kong bank for "significant deficiencies" in its correspondent banking operations that hinder the bank's ability to combat money laundering and terrorist financing.
The federal regulator told Commerce Bank/Harrisburg National Association that it must scrutinize its software vendors and consultants more closely for Bank Secrecy Act compliance, a demand that indicates financial institutions can't shirk their responsibilities by outsourcing them.
Grant Thornton failed to verify First National Bank of Keystone's claims or conduct appropriate tests when reviewing its 1998 financial statements, the OCC said in a statement. The Chicago-based accounting firm plans to appeal the ruling.