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Weekly Roundup: FDIC Dings Four Banks for BSA Violations, Judge Rules that DeLay Will Face Money Laundering Charges, And More
printBank regulators continue to penalize institutions for shoddy anti-money laundering (AML) policies and procedures, with the Federal Deposit Insurance Corporation (FDIC) releasing four consent orders on Friday against two California institutions, one Louisiana and one New York bank. Oceanic Bank was ordered to develop a Bank Secrecy Act (BSA) compliance program that conducts regular risk assessments, obtains customer identification data, applies enhanced due diligence to high risk persons, provides personnel with appropriate training, and ensures the integrity and accuracy of management information systems. The San Francisco bank must also monitor for and report on suspicious activity and notify the regulator...
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