- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Office of the Comptroller of the Currency assessed a $70 million civil penalty against Citibank for failing to comply with the agency’s 2012 consent order related to Bank Secrecy Act and anti-money laundering deficiencies.
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Speculation that anti-money laundering fines might shrink in the current political climate were proven very wrong in recent days.
Big data may revolutionize anti-money laundering efforts, but privacy concerns and preserving a human element to compliance programs may get in the way.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
