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OCC Chief Tells Bankers to Name Executives Responsible for AML Compliance
By Colby Adams
printLarge banks need to clearly delineate which senior executives are responsible for Bank Secrecy Act compliance violations, the U.S. Comptroller of the Currency said in a speech Monday. Rather than solely imposing fines and lowering banks' risk management ratings in response to anti-money laundering (AML) violations, regulatory officials should also require the nation's largest and most complex financial institutions to establish "clear lines of accountability" for breakdowns in compliance, Thomas Curry said. The Office of the Comptroller of the Currency (OCC) has struggled to hold individuals at large banks accountable for Bank Secrecy Act failures when the problems arise from...
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