Linked to FDIC Rates, OCC’s AML Exams Will Be More Heavily Weighed

By Brian Monroe and Colby Adams

Plans by the U.S. regulator of large banks to link anti-money laundering violations with federal insurance rates will likely translate into more resources and responsibilities for compliance staff, say Bank Secrecy Act officers. U.S. Comptroller of the Currency Thomas Curry told a U.S. Senate subcommittee last week that his agency would consider such violations as infractions of the law, rather than consumer protection failures, going forward. The regulator will also lower the threshold for what merits an anti-money laundering (AML) enforcement action, he said. "We have already identified a new approach that we will implement to assure that [Bank Secrecy...