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OCC Fines Bank $10 Million for Improper SARs on Terror Financing, Structuring
printThe U.S. Treasury Department Friday fined a Sioux Falls, SD bank branch $10 million for not properly reporting instances of suspected structuring and terrorist financing. The department's Office of the Comptroller of the Currency (OCC) said in a civil money penalty against TCF National Bank that a look-back mandated by the agency in a July 2010 consent order revealed that the institution had filed over 2,300 suspicious activity reports (SARs) late. The reports involved $70 million in transactions, some of which likely had been structured. A subsequent Bank Secrecy Act exam in November 2011 concluded that TCF National Bank staffers...
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