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Weekly Roundup: FDIC Issues Three Actions for BSA Deficiencies, France Adds BVI to Tax Haven Blacklist, and More
printThe Federal Deposit Insurance Corporation (FDIC) announced three Bank Secrecy Act-related enforcement actions on Friday. The FDIC dinged San Francisco-based California Pacific Bank for failing to identify high risk customers tied to trade financing activities and for lacking independent testing of its compliance program. More Flushing, NY-based United International Bank was ordered to establish adequate risk assessment procedures for its clients and transactions, while Allendale County Bank, of South Carolina, must implement enhanced due diligence procedures for high-risk accounts. More and More A Swiss private bank is turning to managing assets for other institutions as a result of the global...
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