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...
Fines and monetary settlements paid in 2012 by banks for anti-money laundering and counterterrorism financing violations increased 131-fold from the previous year, ACAMS moneylaundering.com data shows.
Four months into the tenure of its new director, the nation's financial intelligence unit is positioning itself to more aggressively enforce anti-money laundering regulations and closely work with law enforcement officials.
A Tennessee bank must improve the way it exempts customers from anti-money laundering reporting requirements and enlist the aid of independent consultants "to shore up deficiencies in compliance training, customer risk assessments and independent testing," according to a regulatory order.
The number of federal enforcement actions against financial institutions over poor anti-money laundering compliance programs fell by over 16 percent in 2008 from the previous year, according to Fortent Inform data.