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Lack of Data-Sharing Among Examiners Can Frustrate Oversight, Compliance Officers
By Brian Monroe
printTime 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...
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