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.
The nation's top regulator of large financial institutions fined five former officials at a Miami bank Friday in a move some say could be a sign of more aggressive enforcements against individuals.
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.
Pacific National Bank has agreed to improve its compliance with Bank Secrecy Act and Office of Foreign Assets Control regulations.
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