The U.S. Treasury Department Friday revised compliance expectations and examination procedures for banking units that conduct limited operations from the United States on behalf of their foreign parent companies. In an 84-page manual, the department's Office of the Comptroller of the Currency (OCC) detailed how its examiners should enforce safety-and-soundness standards at the federal agencies and branches, which often confine their U.S. services to trade finance, wholesale banking and correspondent transactions. The handbook expands on 1999 guidance from the agency by outlining how its examiners will determine if the branch or agency of a foreign banking organization (FBO) adequately manages...
The federal regulator of national banks is set to crack down on financial institutions that fail to address anti-money laundering shortcomings outlined in non-public regulatory reports, a U.S. official said Monday.
Recent regulatory guidance on banks use of consultants for anti-money laundering remediation work places a renewed focus on the personal connections that can affect the independence of consultants, according to compliance professionals.
A new U.S. Treasury Department strategy to improve bank oversight will entail more closely reviewing how consistently examiners evaluate risk modeling and transaction monitoring programs, say regulators.
The U.S. regulator of national banks is reviewing how it will penalize so-called "pillar violations" of anti-money laundering laws after the agency revamped its enforcement policies ahead of congressional criticism.
The U.S. regulator of national banks has begun stress testing midsize financial institutions for adequate safety and soundness controls, including anti-money laundering and sanctions checks, say financial lobbyists and compliance officers.