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Midweek Roundup: Fed, FDIC Issue Actions for BSA Violations, BBC Chair-Elect Grilled Over Role in HSBC AML Failures, and More
printBancorpSouth agreed to assess its compliance staffing and improve its internal controls as part of a consent order it reached with the Federal Deposit Insurance Corp. (FDIC). The Tupelo, MS-based bank must also improve its independent testing and anti-money laundering training under the terms of the FDIC order released last week. More Wells Fargo Advisers faces potential regulatory action by the Financial Industry Regulatory Authority (Finra) for anti-money laundering deficiencies, in part, related to a specific branch's failure to identify and report suspicious activity, Investment News said Monday. The institution was contacted by Finra in mid-July about the possible disciplinary...
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