Downey Savings and Loan was ordered by the U.S. Treasury's Office of Thrift Supervision to retool its customer identification procedures (CIP) and strengthen its overall anti-money laundering program. In a cease and desist order released Tuesday and dated Aug. 30, the OTS also instructed Newport Beach, California-based Downey to improve its suspicious activity report filing and staff training and ensure that its compliance department has enough resources to adequately mitigate the institution's Bank Secrecy Act-related risks. While many enforcement actions issued by federal regulators since the Patriot Act was enacted more than five years ago have focused on suspicious transactions,...
The Office of Thrift Supervision has ordered a Boston area bank to improve the anti-money laundering controls of its New York-based subsidiary, the U.S. Treasury Department agency said Friday.
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