News
OCC to Focus on MRA Compliance in Next Exam Cycle, Official Says
By Colby Adams
printThe 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. In October, the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) revamped the terms under which it would issue and enforce Matters Requiring Attention (MRAs). Under the new policy, the agency will more quickly issue formal enforcement actions against banks that fail to take "timely and effective corrective action" required by MRAs. "We're going to be focusing more on that going forward," said James Vivenzio, senior...
TO READ THE FULL STORY
Related News
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.
U.S. national banks must formally declare their risk limits and ensure the independence of their boards of directors, the Treasury Department ruled Thursday.
Large banks need to clearly delineate which senior executives are responsible for Bank Secrecy Act compliance violations, the U.S. Comptroller of the Currency said in a speech Monday.
The U.S. Treasury Department can expedite civil monetary penalties against financial institutions that violate the Bank Secrecy Act and other rules tied to safety and soundness, under guidelines proposed Thursday.
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 has moved quickly to address congressional criticisms raised in July that it laxly enforces anti-money laundering rules, according to federal officials and compliance officers.
The U.S. Treasury Department's regulator of large banks will revise how it examines for anti-money laundering compliance within months, the agency's chief told a congressional panel Tuesday.
Poor anti-money laundering controls on affiliates and problematic oversight allowed a global bank to process tens of trillions of dollars with little to no compliance checks, according to a U.S. Senate subcommittee.
Federal examiners are reasserting pressure on banks that have relaxed the parameters they've set on transaction monitoring software due to recent budget cuts, according to U.S. Treasury Department officials.