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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-02-01T18:32:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
City National failed to comply with heightened standards for certain large insured national banks and violated the Bank Secrecy Act (BSA), the OCC said in a press release Wednesday.
As part of the settlement, the bank agreed to a cease-and-desist order requiring broad and comprehensive corrective actions to improve its strategic plan, operational risk management, internal controls, and compliance risk management. The OCC’s consent order requires the bank’s board appoint a compliance committee.
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News and analysis for the well-informed compliance or audit exec.
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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.
2024-02-05T21:28:00Z By Aaron Nicodemus
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
2024-02-01T14:18:00Z By Aaron Nicodemus
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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