By Jeff Dale2024-12-23T19:08:00
Bank of America (BofA) avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency (OCC) but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
The OCC said in a press release Monday that the deficiencies in BSA/AML and sanctions compliance specifically related to failures to timely file suspicious activity reports (SARs) and correct deficiencies in its customer due diligence (CDD) process.
The bank will be required to appoint a compliance committee and hire an independent consultant and BSA officer, according to its consent order.
2025-08-25T18:24:00Z By Adrianne Appel
Crypto platform Anchorage Digital has been freed of a consent order originally issued by the Treasury Department for anti-money laundering failures.
2025-04-11T16:32:00Z By Adrianne Appel
Banks alerted authorities to $1.4 billion in suspicious transactions in 2024, a big assist in the nation’s fight against crime and fentanyl trafficking, according to the Financial Crimes Enforcement Network.
2025-02-07T17:09:00Z By Aaron Nicodemus
Armored car company Brink’s Global Services will pay $42 million in penalties to settle charges laid by federal regulators for violating anti-money laundering provisions of the Bank Secrecy Act.
2025-09-03T17:43:00Z By Adrianne Appel
The Federal Trade Commission (FTC) proposed an enforcement action against Disney for allegedly collecting personal information about children, and then threw salt in the wound by calling the company out in an alert emailed to an untold number of businesses.
2025-08-29T17:48:00Z By Ruth Prickett
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
2025-08-28T18:44:00Z By Adrianne Appel
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
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