- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-25T19:38:00
The Office of the Comptroller of the Currency (OCC) ordered the New York branch of a Mumbai-based bank to implement sweeping changes to its anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance programs but will not fine the bank if the improvements are completed.
ICICI Bank has a history of BSA/AML program failings but has begun corrective action to remedy its deficiencies, the OCC said in an Oct. 3 consent order published Oct. 20. The order requires ICICI Bank to cease and desist from further violations of the OCC’s BSA/AML rules, as well as failing to correct previously identified compliance issues with those rules.
Among the problems previously identified by the OCC were a weak system of internal controls, a weak BSA officer function, and an insufficient training program. As a result, ICICI Bank violated OCC rules regarding the filing of suspicious activity reports, bank AML controls, beneficial ownership requirements for legal entity customers, and recordkeeping requirements.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
The Office of the Comptroller of the Currency’s new procedures for assessing civil penalties establishes fines as high as $400 million for misconduct—more than double the highest total in previous guidance—based on the size of the institution and severity of the violations.
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.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
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.
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 more than $1 trillion worth of customer transactions.
A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.
