The Office of the Comptroller of the Currency (OCC) has published an AML sanctions consent order for Wells Fargo, highlighting substantial compliance challenges that remain. The comprehensive 28-page order outlines several critical areas requiring attention, including...
Research & insights
Banking
Aug 19, 2024 Banking, Trafficking
The FinCEN Supplemental Advisory (FIN-2024-A002) issued in June 2024, focuses on the ongoing opioid crisis, particularly the significant threat posed by illicit fentanyl and other synthetic opioids. The advisory urges U.S. financial institutions to remain vigilant in...
Aug 6, 2024 Banking, Money Laundering, Regulatory
The Currency and Foreign Transactions Reporting Act of 1970, along with its amendments and related statutes, is collectively known as the Bank Secrecy Act (BSA). This Act authorizes the Department of the Treasury to impose reporting and other requirements on financial...