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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-02-01T18:32:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
City National failed to comply with heightened standards for certain large insured national banks and violated the Bank Secrecy Act (BSA), the OCC said in a press release Wednesday.
As part of the settlement, the bank agreed to a cease-and-desist order requiring broad and comprehensive corrective actions to improve its strategic plan, operational risk management, internal controls, and compliance risk management. The OCC’s consent order requires the bank’s board appoint a compliance committee.
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News and analysis for the well-informed compliance or audit exec.
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2024-02-15T21:00:00Z By Jeff Dale
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.
2024-02-05T21:28:00Z By Aaron Nicodemus
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
2024-02-01T14:18:00Z By Aaron Nicodemus
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
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