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. The U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) will use the resources it once spent enforcing the consumer regulations at large banks toward examining for Bank Secrecy Act (BSA) and other compliance, said Dan Stipano, the agency's deputy chief counsel, during a July 13 online chat held by the Association of Certified Anti-Money Laundering Specialists (ACAMS). The shift stems from the creation of the...
The battle between bank business line managers charged with raising revenue and the compliance staff who must vet financial ventures for potential regulatory violations has worsened in the stalled economy.
The ongoing U.S. financial regulatory overhaul and recent compliance penalties have sharply increased the demand for seasoned anti-money laundering professionals at federal agencies and banks, say sources.
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.