Credit Suisse unit inks deal with OCC over BSA/AML obligations
By 
Jeff Dale2024-06-18T17:36:00
The New York branch of Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering (BSA/AML) obligations.
In late May, the OCC took over supervisory authority of the branch from the New York State Department of Financial Services (NYDFS) after the bank’s application to convert to a federal branch was approved, according to a written agreement between the agency and bank.
In December 2020, while still registered in New York, the branch agreed to certain compliance undertakings with the Federal Reserve Board of Governors and NYDFS to shore up its BSA/AML compliance program.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefUBS to pay $511 million fine over Credit Suisse tax case, exposing compliance gaps
A significant settlement in a U.S. tax fraud case against Credit Suisse contains numerous compliance lessons related to beneficial ownership and due diligence in mergers and acquisitions.
-
ArticleTop Ethics and Compliance Failures of 2025
The 2025 year has been so rich with compliance stinkers, and rife with poor judgment, compliance missteps, outright malfeasance and greed, greed, greed, that it was almost impossible to choose just six epic compliance failures from this year’s massive poop pile.
-
PremiumEU financial firms must prepare now for new rules on critical third-party arrangements
European banks and financial institutions must prepare now for stringent new rules on third-party suppliers.
More from Regulatory Enforcement
-
ArticleFATF focus on criminal asset recovery points to a more investigatory role for compliance
Global organised crime is booming, and only 1 to 2 percent of the $4 trillion black economy is intercepted, according to figures from the Financial Action Task Force. Its new guidance suggests that countries should focus on rapid investigations, collaborative intelligence gathering, and confiscating the proceeds of criminal activity.
-
ArticleCrypto network Paxful will plead guilty to BSA violations, pay $4M fine, shut down
Paxful, a crypto peer-to-peer network, will plead guilty to multiple federal criminal charges related to violations of the Bank Secrecy Act (BSA), among others. The plea agreement follows years of scrutiny from regulators over anit-money laundering (AML) compliance failures.
-
ArticleFormer Credit Suisse compliance officer charged with money laundering
A compliance officer is facing charges for laundering $7 million in a complex legal case in Switzerland. Swiss prosecutors have charged Credit Suisse, and one of its former employees, with failing to maintain adequate controls.