- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-02-15T21:00:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against the former general counsel at Michigan-based Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act (BSA) compliance and failing to timely file suspicious activity reports.
Colleen Kimmel failed to ensure the bank properly investigated a fraudulent residential mortgage loan product it offered to customers, according to the OCC, which acknowledged she did not have the proper resources to carry out her legal- and compliance-related functions.
In May 2021, three former employees of the bank pleaded guilty to charges levied by the Department of Justice over widespread bank fraud for selling bogus residential mortgage loans through its advanced loan program (ALP). In September 2022, the bank agreed to pay a $6 million fine assessed by the OCC related to the alleged misconduct.
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Among the enforcement actions issued by the Treasury Department’s Office of the Comptroller of the Currency in August, two banks were separately penalized for deficiencies in anti-money laundering and Bank Secrecy Act compliance and board oversight.
The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.
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.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
