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News Releases
11/16/2004 USA PATRIOT Act Monitor News Release: OCC Issues
Enforcement Guidance on Cease-and-Desist Orders for BSA Violations
The Office of the Comptroller of the Currency has issued Enforcement Guidance
for BSA/AML Program Deficiencies. The OCC's mandate to issue a cease-and-desist
order applies when a bank fails to correct any problem previously noted in a
report on examination or other supervisory correspondence. A C&D can even
apply to a "one-time, technical violation that demonstrates willful or
reckless disregard for the requirements of the BSA or that creates a substantial
risk of money laundering or the financing of terrorism." The Guidance notes
that a bank should not be cited for a violation when it fails to file a suspicious
activity report in an isolated circumstance "unless the failure is significant
or accompanied by evidence of bad fail, provided that the bank otherwise has
adequate systems and controls in place." The Guidance will be discussed
in a forthcoming issue of the Monitor.
USA PATRIOT ACT MONITOR is published by Civic Research Institute, Inc., 4478 U.S. Route 27, P.O. Box 585, Kingston, NJ 08528, 609-683-4450, info@civicresearchinstitute.com, as an update service for Money Laundering, Terrorism and Financial Institutions: Law · Regulation · Compliance · USA PATRIOT Act Monitor © 2004 Civic Research Institute, Inc. All rights reserved. Unauthorized copying expressly prohibited. The information in this publication is not intended to replace the services of a trained legal professional. Neither the editors, nor the contributors, nor Civic Research Institute, Inc. are by this publication engaged in rendering legal, accounting, or other professional services. The editors, contributors, and Civic Research Institute, Inc., specifically disclaim any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use or application of the contents of this publication.