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. "This past year, we've seen some adjustments to banks' screening filters in response to budget constraints," said John Wagner, the director for Bank Secrecy Act (BSA) compliance at the Office of the Comptroller of the Currency (OCC), during a panel at the ACAMS 10th Annual International Anti-Money Laundering Conference in Las Vegas last month. The agency is close to levying more enforcement actions based on lax transaction monitoring, said Wagner during...
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.
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.
A U.S. Treasury Department probe of 120 financial institutions has unearthed 39 potential regulatory or criminal violations, an official from the Office of the Comptroller of the Currency said Thursday.
The former chief executive officer of a Miami-based bank has filed a lawsuit against his former employers claiming that they fired him for refusing to violate anti-money laundering and corruption laws.