- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-08-14T18:00:00
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.
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Who faces liability when a Bank Secrecy Act program is deemed to be deficient? A series of recent enforcement actions taken by the OCC against individuals at a now-defunct New Jersey bank provides a case study.
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
Two federal agencies that oversee Bank Secrecy Act requirements have notified financial institutions they will agree to “reasonable delays” in the filing of required reports if institutions can show the delays are necessary due to the coronavirus pandemic.
Elon Musk, the world’s wealthiest person and the apparent right-hand man of incoming U.S. president Donald Trump, has been taken to court for a third time by the Securities and Exchange Commission for allegedly violating securities law.
Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
