Time constraints and poor communication have hindered federal bank examiners in identifying broad compliance lapses, and prompted them to give unnecessarily challenging mandates to the financial institutions they oversee. The Senate's Permanent Subcommittee on Investigations (PSI) alluded to such problems in a July report on the anti-money laundering (AML) compliance failures of HSBC's American affiliate. Overly narrow evaluations by the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) allowed examiners to miss trillions in suspicious transactions at the bank, PSI said. Despite identifying some 83 Matters Requiring Attention over the course of five years, the agency failed...
If you aren't certain that the Bank Secrecy Act job market is unusually active these days, ask anyone who has recently taken an executive position in a compliance department facing regulatory scrutiny. The message they're hearing: move quickly or move out of the way.
The nation's financial intelligence unit will relocate dozens of employees from its current Virginia headquarters to Washington, D.C. as part of an effort to better integrate with other U.S. Treasury Department offices.
The U.S. regulator of national banks has moved quickly to address congressional criticisms raised in July that it laxly enforces anti-money laundering rules, according to federal officials and compliance officers.
A newly implemented plan by HSBC Holdings Plc to export U.S. anti-money laundering standards to its global offices faces a difficult but common challenge for big banks: approximately half of its estimated 80 affiliates are located in bank secrecy jurisdictions.
Poor anti-money laundering controls on affiliates and problematic oversight allowed a global bank to process tens of trillions of dollars with little to no compliance checks, according to a U.S. Senate subcommittee.
U.S. senators will question representatives from HSBC Holdings Plc and its financial regulator next Tuesday over the findings of an unreleased report outlining concerns about the bank's anti-money laundering compliance program.