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OCC Cites Asian Bank for Weak OFAC, Foreign Correspondent Banking Practices
By Selina Román
printThe Office of the Comptroller of the Currency (OCC) cited a Hong Kong bank for "significant deficiencies" in its correspondent banking operations that hinder the bank's ability to combat money laundering and terrorist financing. Citic Ka Wah Bank Ltd.'s New York and California branches failed to screen wire transfers against the Office of Foreign Assets Control (OFAC) specially designated nationals list, a list of individuals and entities barred from doing business with U.S. entities, or perform due diligence on foreign correspondent accounts, according to an 18-page written agreement released Thursday. The OCC did not specify whether the bank conducted business...
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