OCC Issues Enforcement Actions Over BSA Failings at Texas and California Banks

By Matt Squire

The U.S. Office of the Comptroller of the Currency has issued enforcement actions requiring that two banks in Texas and California improve their Bank Secrecy Act and sanctions compliance programs, the agency disclosed Wednesday. Dallas-based T Bank N.A. agreed to a consent order on July 9 requiring the financial institution to develop written policies and procedures on compliance with the Bank Secrecy Act and the U.S. Treasury Department's economic sanctions regulations, and designate an audit committee to test and evaluate the banks' BSA compliance program. T Bank's Bank Secrecy Act (BSA) program must address methods for identifying and monitoring large...