The Federal Deposit Insurance Corporation Wednesday imposed a civil penalty of $140 million against Banamex USA of Century City, California for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations.
Entries in Federal Deposit Insurance Corporation (4)
Regulators are tightening their grip on anti-money laundering compliance. As a result, banks and other financial institutions have begun to re-examine the ways in which they address risk in their operations. Historically, they have done do by taking drastic measures -- exited business lines or cutting ties with business partners.
The Federal Deposit Insurance Corporation (FDIC) issued guidance Wednesday encouraging its insured banks to take a risk-based approach in assessing individual customer relationships.
Burke & Herbert Bank & Trust must develop a new top-to-bottom compliance program and hire people to run it under the terms of an order issued by the Federal Deposit Insurance Corporation.