Downward Trend in OCC Actions Shows Banks Are Getting Message on AML, Official Says

By Brian Orsak

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...