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OCC to Focus on MRA Compliance in Next Exam Cycle, Official Says
By Colby Adams
printThe federal regulator of national banks is set to crack down on financial institutions that fail to address anti-money laundering shortcomings outlined in non-public regulatory reports, a U.S. official said Monday. In October, the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) revamped the terms under which it would issue and enforce Matters Requiring Attention (MRAs). Under the new policy, the agency will more quickly issue formal enforcement actions against banks that fail to take "timely and effective corrective action" required by MRAs. "We're going to be focusing more on that going forward," said James Vivenzio, senior...
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