Tag: Banks
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Regulatory Watch News
OCC Assesses $350 Million Civil Money Penalty Against American Express
OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a cease-and-desist order and a $350 million civil money penalty against American Express National Bank, Sandy, Utah (bank), for deficiencies in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. The OCC determined that the bank failed to establish and maintain a BSA/AML compliance program reasonably designed to assure and monitor compliance with the BSA and its implementing regulations. Deficiencies in the Bank’s BSA/AML program involved inadequate resources, including staff without sufficient expertise, systemic internal control gaps, weak independent testing, and weak BSA/AML training for employees and directors.
Anti-corruption body GRECO closes compliance procedure concerning Denmark
GRECO
The Council of Europe’s Group of States against Corruption (GRECO) has closed its 4th round compliance procedure in respect of Denmark , which examined the prevention of corruption in respect of members of parliament, judges and prosecutors. In a report made public today, GRECO deeply regrets that twelve years after the adoption of the Fourth-Round Evaluation Report, none of its recommendations addressed to members of parliament have been fully implemented. It is essential that a Code of Conduct for members of parliament is issued , supported by counselling, awareness-raising, and effective supervisory measures.
Sydney man charged for alleged role in $1.8 million NDIS fraud
Australia Federal Police
A Sydney man, 36, has been charged over his alleged role in a sophisticated $1.8 million fraud, following an investigation by the Australian Government Fraud Fusion Taskforce (FFT). Following reports of suspicious financial transactions, the National Disability Insurance Agency (NDIA) began an investigation in June 2024 with the support of NSW Crime Commission (NSWCC) and FFT agencies, including the AFP and the NDIS Quality and Safeguards Commission (NDIS Commission).
