OCC Hits United Bank for Africa with Cease and Desist Order in AML Case

By Brian Orsak

The U.S. Comptroller of the Currency issued a cease and desist order against the New York branch of the United Bank for Africa on charges of anti-money laundering program failures, the second such enforcement action against the bank in a year. The branch failed to report suspicious activity and to correct "serious BSA program deficiencies" identified in a January 2007 cease and desist order, the agency said in a subsequent cease-and-desist order made public Monday. As part of the action, the bank is prevented from processing wire transfers, dollar drafts and pouch transactions, the agency said. The bank must also...