By Aaron Nicodemus2024-08-23T18:09:00
Among the enforcement actions issued by the Treasury Department’s Office of the Comptroller of the Currency (OCC) in August, two banks were separately penalized for deficiencies in anti-money laundering and Bank Secrecy Act compliance (AML/BSA) and board oversight.
Pennsylvania-based Slovenian Savings & Loan Association entered into an agreement with the OCC to remediate issues that included alleged unsafe and unsound practices in internal audit, AML/BSA, internal controls, and training.
The bank agreed to submit reports on its internal audit and AML/BSA programs to the OCC that explain how the bank is remediating issues, including the results of independent testing of its AML/BSA program. Other areas the bank must address are its processes and procedures for due diligence and risk identification.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-04-19T17:49:00Z By Aaron Nicodemus
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
2024-02-15T21:00:00Z By Jeff Dale
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
2025-10-21T18:11:00Z By Adrianne Appel
Eight auto insurers failed to meet the requirements of New York’s cybersecurity regulations during widespread online attacks in 2021 and will pay $19 million under consent orders with the New York State Department of Financial Services (NYDFS).
2025-10-21T17:13:00Z By Oscar Gonzalez
Canada is creating a new federal office to lead efforts against financial crime. The initiative marks the government’s most significant move yet to modernize its approach to fraud and money laundering.
2025-10-20T18:07:00Z By Adrianne Appel
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
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