Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering (BSA/AML) compliance requirements.
The four agencies—the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC)—issued guidance Thursday outlining when they would issue cease-and-desist orders against supervised financial institutions deemed to be in noncompliance with BSA/AML rules.
