- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-23T18:09:00
Among the enforcement actions issued by the Treasury Department’s Office of the Comptroller of the Currency (OCC) in August, two banks were separately penalized for deficiencies in anti-money laundering and Bank Secrecy Act compliance (AML/BSA) and board oversight.
Pennsylvania-based Slovenian Savings & Loan Association entered into an agreement with the OCC to remediate issues that included alleged unsafe and unsound practices in internal audit, AML/BSA, internal controls, and training.
The bank agreed to submit reports on its internal audit and AML/BSA programs to the OCC that explain how the bank is remediating issues, including the results of independent testing of its AML/BSA program. Other areas the bank must address are its processes and procedures for due diligence and risk identification.
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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.
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
The Public Company Accounting Oversight Board fined five consultancies, including Ernst & Young, as the agency continues its crackdown on firms violating audit committee communications rules and reporting requirements.
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.
Regulators continue to hammer firms with fines for violating rules regarding the use of unapproved communication methods by employees, issuing $120 million in fines this week. And for the first time, two firms were not fined because they self-reported their violations.
