Anti-Money Laundering

"2 The regulators introduced a new approach in 2012 in how they evaluate institutions' BSA/AML deficiencies, examining them within a safety and soundness context and considering them as part of the "Management" component of a bank's CAMELS (Capital adequacy, Asset quality, M...

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Bibliographic Details
Published in:The International lawyer 2013-04, Vol.47 (4), p.387
Main Authors: Reider-Gordon, Mikhail, Butler, Truman Kirkland
Format: Article
Language:English
Subjects:
Banking industry
Fines & penalties
Money laundering
Regulation of financial institutions
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Summary:"2 The regulators introduced a new approach in 2012 in how they evaluate institutions' BSA/AML deficiencies, examining them within a safety and soundness context and considering them as part of the "Management" component of a bank's CAMELS (Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity to market risk) rating.3 While the Office of the Comptroller of the Currency (OCC) brought only two Bank Secrecy Act related Cease and Desist Orders and imposed only two civil monetary penal-* ties in 2011, die Federal Deposit Insurance Corporation (FDIC) brought seven Cease and Desist Orders and two civil monetary penalties.4 The Federal Reserve, for its part, issued only one BSA-related Cease and Desist order.5 What is notable about 2012 from the AML perspective was that a number of important settlements augured a distinct shift in both government enforcement bodies and the pub-he's attitude toward financial institutions as related to what constitutes perceived collusion with launderers, tax evaders, off-shore banking, and stolen assets.
ISSN:0020-7810
2169-6578