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U.S. Regulators Name AML Failures that Could Trigger Sanctions
By Matt Squire
printU.S. federal banking regulators on Thursday identified anti-money laundering program shortcomings that could result in cease and desist orders. Financial institutions that fail to establish a "reasonably designed" Bank Secrecy Act compliance program or correct problems in their existing programs are subject to such sanctions, according to guidance issued jointly by five federal regulatory agencies. The Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Reserve, Federal Deposit Insurance Corp., and National Credit Union Administration released the guidelines to make the AML enforcement process more consistent and more transparent for financial institutions. They were issued the same...
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