OCC Ramps Up Anti-Money Laundering Penalties Against Individuals

Joseph Otting, head of the Office of the Comptroller of the Currency, testifies to federal lawmakers in Washington, D.C., on Thursday, July 27, 2017. The OCC has targeted more individuals with AML-related penalties in the first seven months of 2018 than the previous two years combined. (Getty)



The Office of Foreign Assets Control, part of the U.S. Treasury Department, updated its list of Specially Designated Nationals and Blocked Persons, which designates organizations and individuals who are restricted from doing business with the United States, American companies or Americans.
The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2018 and Aug. 17, 2018.

Enforcement Actions

The Hong Kong Monetary Authority issued a disciplinary action against the Hong Kong-based financial institution requiring it to a pay HK$ 5 million penalty for failing to establish and maintain effective anti-money laundering and counterterrorist financing procedures.
The U.S. Securities and Exchange Commission issued an order against the New York, NY-based bank following a finding that its subsidiary Grupo Financiero Banamax SA. de C.V. failed to maintain adequate internal accounting controls.