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Weekly Roundup: FinCEN Penalizes California Card Club, OCC Fines Former Banker for Links to Ponzi Scheme, and More
printThe U.S. Financial Crimes Enforcement Network disclosed a $650,000 penalty against Emeryville, CA-based Oaks Card Club for violating suspicious activity reporting rules and failing to adequately train employees on Bank Secrecy Act requirements. The enforcement action is the bureau's first against a club card. More Wells Fargo Bank must conduct an anti-money laundering (AML) risk assessment and update its policies on customer due diligence under the terms of a consent order with the U.S. Office of the Comptroller of the Currency. More The regulator separately fined John Harris, the former senior vice president of Gibraltar Private Bank & Trust, $75,000...
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