The U.S. insurer of federal banks should reconsider how it treats recidivist financial institutions and harmonize how regional examiners monitor for Bank Secrecy Act violations, a governmental watchdog said.
A U.S. Treasury Department probe of 120 financial institutions has unearthed 39 potential regulatory or criminal violations, an official from the Office of the Comptroller of the Currency said Thursday.
Compliance officers face challenges anytime two financial institutions merge. But when one bank buys up the assets and the problems of a failed competitor, the hurdles can exponentially increase.
Taking federal bailout money can come with a lot of strings attached: public relations strings, capital oversight strings and, surprisingly, anti-money laundering compliance strings.
An Arizona bank that received TARP funds enters into a settlement agreement with the DOJ for AML violations, the OCC signs consent orders with two different banks for BSA deficiencies and more, in this week's roundup.
U.S. investigators arrested the former chief executive officer of a Manhattan-based bank Monday for allegedly embezzling money from a fraudulent loan and attempting to cheat the government out of federal bailout funds.
Financial institutions should practice special due diligence in dealing with funds distributed under the Troubled Asset Relief Program because they may be used to launder money and perpetrate fraud, according to a Financial Crimes Enforcement Network advisory issued Wednesday.
Federal regulators that uncover anti-money laundering lapses at banks could face an unusual challenge this year: how to penalize an institution that has been propped up with government money.