OCC releases 9 enforcement actions, including $100,000 over continued BSA/AML issues

The nine enforcement actions announced by the Office of the Comptroller of the Currency (OCC) this week included one civil money penalty assessment (CMP) of $100,000 related to a bank’s deficiencies under the Bank Secrecy Act (BSA), according to information posted on the agency’s website.

The $100,000 CMP was assessed against Neighborhood National Bank, San Diego, over the bank’s violation of a prior OCC consent order for BSA/anti-money laundering (AML) program deficiencies issued in March 2016 and a board letter in June 2016 citing violations of suspicious activity report (SAR) filing requirements. The bank was still in violation of the 2016 consent order as of the OCC’s June 2020 order, that document shows.

The consent order with Neighborhood National Bank was one of four CMP orders (one dated in July 2016) released by the OCC Thursday. The other five actions included one formal agreement, two personal cease-and-desist orders, and two orders of removal and prohibition.

In late June, the Federal Deposit Insurance Corp. (FDIC) said it issued 18 orders and one notice in May. It said these included two consent orders; one CMP assessment; two removal orders; one modification of a prohibition order; four terminations of consent orders; eight Section 19 orders; one notice seeking assessments of two civil money penalties; and two removal orders.

OCC Enforcement Actions (release)

FDIC Makes Public May Enforcement Actions; No Administrative Hearings Scheduled for July 2020