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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-04-19T17:49:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis, including risks posed to bank investments by higher interest rates and liquidity concerns in the event of a bank’s failure.
In a press release issued Thursday, the OCC announced it entered into a formal agreement with First FS & LA for the bank’s “failure to develop and implement an appropriate strategic plan, appropriately manage and control liquidity and interest rate risks, implement effective Bank Secrecy Act/anti-money laundering (BSA/AML) internal controls,” and failing to appoint a BSA officer with sufficient expertise.
In addition to addressing those risks, First FS & LA, a community bank based in Ohio, was ordered by the OCC to hire a BSA officer “vested with sufficient independence, authority, and resources to fulfill the duties and responsibilities of the position and ensure compliance with the requirements of the BSA and its implementing regulations.”
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News and analysis for the well-informed compliance or audit exec.
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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.
2024-06-10T09:43:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
2024-05-24T17:39:00Z By Adrianne Appel
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.
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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