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OCC to Draft Internal Guidance on ‘Flexibility’ of Pillar Violations
By Brian Orsak
printThe 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. In July, the head of the U.S. Office of the Comptroller of the Currency (OCC), Thomas Curry, told members of the Senate's Permanent Subcommittee on Investigations (PSI) that his agency would "provide more flexibility" to examiners when it comes to citing violations involving the four pillars of anti-money laundering (AML) programs: internal controls, independent testing, training and the appointment of a Bank Secrecy Act officer. The decision prompted questions from...
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