BSA/AML

Explore news updates, Knowledge Center articles and case studies related to BSA/AML…

Agencies Issue Joint Statement on Risk-Based BSA/AML Supervision

On July 22, the federal financial institution regulatory agencies: Office of the Comptroller of Currency (OCC), National Credit Union Asministration (NCUA), Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board of Governors, in conjunction with the Financial Crimes Enforcement Network (FinCEN), issued a Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision. The Joint […]

0 comments

OCC Releases Spring 2019 Semiannual Risk Perspective

On Tuesday, May 22nd, The Office of the Comptroller of the Currency (OCC)  published its Semiannual Risk Perspective for Spring 2019. Highlights include: Credit quality is strong when measured by traditional performance metrics, but successive years of growth, incremental easing in underwriting, risk layering, and building credit concentrations result in accumulated risk in loan portfolios. Operational risk […]

0 comments

Sumitomo Mitsui Enters into Agreement with New York FRB for BSA/AML Deficiencies

On April 23, 2019, the Federal Reserve Bank of New York (FRB-NY), entered into a consent agreement with Sumitomo Mitsui Banking Corporation (the Bank) and the Bank’s New York Branch (the Branch) for significant deficiencies in the Branch’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. Sumitomo is a foreign bank based in Tokyo and operates a […]

0 comments

Texas Bank Issued Cease and Desist Order for BSA/AML Deficiencies

Commercial State Bank, a $676 million bank in Andrews, Texas, has been issued a Consent Cease and Desist Order by the Federal Reserve Bank of Dallas and the Texas Department of Banking  for significant deficiencies in the bank’s risk management and compliance with Bank Secrecy Act/anti-money laundering (BSA/AML) applicable laws, rules, and regulations. The bank was directed […]

0 comments

OCC Announces $100 Million Penalty Against Capital One Bank for BSA/AML Deficiencies

On October 23, 2018, the Office of the Comptroller of the Currency (OCC) announced $100 million in civil money penalties against Capital One Bank based on deficiencies in the bank’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The penalties are linked to Capital One’s failure to adequately respond to a 2015 Cease and Desist Order […]

0 comments