Federal Reserve Issues Enforcement Action for BSA Violations
On April 25, 2019, the Federal Reserve Board issued an enforcement action against Sumitomo Mitsui Banking Corporation, Tokyo, Japan (bank) for Bank Secrecy Act (BSA) violations. The bank, which has a branch in New York, was found to have had deficiencies in its anti-money laundering, BSA and Office of Foreign Assets Control (OFAC) compliance programs. Under the terms of the enforcement action, the bank has to put together a written plan to enhance oversight over several BSA and OFAC related areas. It also must bolster internal controls, risk assessments, independent testing, and management information systems.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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