- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
2025-04-11T16:32:00Z 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.
2024-11-05T16:52:00Z By Aaron Nicodemus
Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
2025-07-02T18:31:00Z By Aaron Nicodemus
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
2025-07-01T23:26:00Z By Oscar Gonzalez
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
Site powered by Webvision Cloud