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Weekly Roundup: Congress Temporarily Extends Patriot Act Provisions, Regulators Ding Four Banks for BSA Problems, and More
printU.S. regulators announced four enforcement actions against banks this week for anti-money laundering (AML) compliance troubles. On Friday, the Treasury Department's Office of the Comptroller of the Currency (OCC) said it had issued consent orders against Miami-based Pacific National Bank and Chatsworth, GA-based First National Bank of Chatsworth. The agency said that the Florida bank must develop a Bank Secrecy Act (BSA) program to identify high-risk transactions and accounts as well as implement due diligence procedures for account openings. As part of the order, the OCC ordered Pacific National to perform a look back of 2010 and 2009 transactions. More...
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