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OCC Examiners Push for ‘Strong’ AML Compliance After Passage of Dodd-Frank Law

By Brian Monroe

Federal examiners are asking banks deemed "systemically significant" under last year's financial regulatory overhaul law to upgrade their anti-money laundering compliance programs to "strong" ratings. The change-based on an interpretation of requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act and a separate update to the U.S. Office of the Comptroller of the Currency's examination manual-could affect up to 35 bank holding companies, including Citigroup, U.S. Bancorp, JPMorgan Chase and Bank of America. Under Dodd-Frank, bank holding companies with more than $50 billion in assets must undergo "enhanced prudential" supervision to their capital, liquidity, leverage, resolution and risk-management....

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